STORY HIGHLIGHTS


China economic news

CNC
Added On January 15, 2020

 Turning to some economic news in China...

 
Up first, the Ministry of Industry and Information Technology (MIIT) showed that China's annual amount of tax and fee cuts in 2019 is expected to total 2.36 trillion yuan, or about 340 billion U.S. dollars.
 
CHINA'S 2019 TAX, FEE CUTS TO TOTAL 340 BLN USD 
An MIIT official said the business environment for enterprises was significantly improved in 2019, with benefits of tax and fee cuts apparent in manufacturing and medium- and small-sized firms.
 
Tax cuts in the manufacturing sector and related industries accounted for nearly 70 percent of the annual amount of value-added tax reduction, while inclusive tax reduction for small and micro enterprises stood at about 250 billion yuan, or around 35 billion U.S. dollars.
The official added that firms in the private sector and small and medium-sized enterprises saw growing vitality.
 
CHINA AUTO SALES DECLINE IN 2019  
According to the China Association of Automobile Manufacturers, China's auto sales went down 8.2 percent year on year to 25.77 million units in 2019.
 
The drop widened from the 2.8-percent fall in 2018 as trade tensions, tighter emission standards and retreating subsidies for new-energy vehicles combined to weigh on the industry.
 
The country's vehicle output stood at 25.72 million units last year, down 7.5 percent year on year.