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China announced stronger-than-expected tax cuts

China will cut taxes and fees on a larger scale in 2019, by nearly 2 trillion yuan ($298.31 billion), in a move to reinvigorate the economy that is growing at the slowest pace in three decades, according to the government work report delivered by Premier Li Keqiang on Tuesday at the opening of "two sessions" - China’s annual gathering of its legislative and political advisory bodies.

The package exceeds market expectations which range from 1.3 trillion yuan and 1.5 trillion yuan.

The deeper tax cuts come as the government lowered this year’s economic growth target to . . .

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