China To Give Small Firms 1tn Yuan In Tax Rebates

China will give nearly 1 trillion yuan in tax rebates to small firms to shore up economic stability, state media CCTV quoted a cabinet meeting as saying on Monday.

The State Council meeting, chaired by Premier Li Keqiang, resolved that China will also take targeted measures to boost market confidence and keep capital market development stable and healthy.

The government will properly handle problems from capital market operations, and will create a stable, transparent and predictable market climate, it said.

The central government is mindful of domestic impacts brought by changes to the global capital market, the cabinet said, adding that it will roll out policies to stabilise the economy and stimulate market vitality as much as possible. (Reuters)