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China Expands Tax Rebates, Loan Support, Projects-State Council

CHINA PRESS
MNI (Singapore)

China will expand tax rebates to more industries by over CNY140 billion, refunding a total of CNY2.64 trillion in taxes for the whole year, according to a statement on the gov website citing a State Council executive meeting. Support tools for SME loans will be doubled, and banks will allow deferred repayment of SME loans, truck loans and housing mortgages, and consumer loans of individual borrowers experiencing difficulties within the year, the statement said. The purchase tax on some passenger cars will be cut by CNY60 billion to boost consumption, and a new batch of large-scale projects in water conservancy, transportation, and renovation of older residential areas has been started, the statement said.

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