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Bloomberg News has reported that China has outlined a package of measures including railway spending and tax relief to help support the economy and to create jobs. It has been reported that the government will sell 150 billion yuan of bonds this year to help build railways mainly in the less-developed regions.
China plans to build more than 6,600 kilometers of new rail lines this year. The government has said that “We must roll out policies that spur businesses’ vitality, effectively increase demand and boost jobs.†In a statement the government also shared that the acceleration of rail projects will “increase effective investments and lead the development of relevant industries.â€
BBC News has reported that the Chinese government said that it will cut taxes on small firms and speed up the construction of railway lines. Chinese authorities said that they will also extend tax provisions granted to small businesses into 2016.
A chief economist with Everbright Securities Co., Xu Gao, in Beijing reported that “As the growth rate is decelerating to the lower end of a reasonable range, Premier Li is trying to do something to get growth back on track.†According to Bloomberg News, Xu Gao said that “It’s a mini-stimulus package designed to stabilize growth.â€
“We will find innovative ways including fiscal and financial methods to…steady economic growth,” the cabinet reported in a statement on the government’s website.
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It has been reported that, Last month, during the annual National People’s Congress, the Chinese government kept its annual growth target at 7.5%. According to The Wall Street Journal, China grew 9.2% in 2009, a year when the global economy fell into recession.
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