Hong Kong (CNN Business) China is slashing business taxes as it tries to stop its economy from slowing down too sharply. The Chinese government on Tuesday predicted economic growth of between 6% and 6.5% in 2019. "There are greater expected and unexpected risks and challenges, and we have to make full preparations for a hard struggle." He also unveiled a slew of new measures intended to bolster the economy, including cuts in taxes and other charges that he said would save businesses nearly 2 trillion yuan ($298 billion) a year. Chinese growth has lost momentum following government efforts to crack down on risky lending, which starved many companies of the funds they needed to expand.

Source: CNN March 05, 2019 04:16 UTC