China to scale up tax cuts in 2022, to step up transfer payment to local governments

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China will scale up tax and fee cuts in 2022 on top of 1.1 trillion yuan ($174 billion) of cuts last year and will increase allocation of fiscal revenue to local governments to help offset the blow to their revenue, in a move to bolster the slowing economic growth.

Appropriate intensity of expenditure should be maintained, focusing on supporting key areas such as scientific and technological research, ecological and environmental protection, people's basic . . .

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