China to Slash Taxes, Boost Lending to Prop Up Slowing Economy

Chinese leader Xi Jinping, Chinese Premier Li Keqiang and Li Zhanshu, chairman of the Standing Committee of the National People's Congress (NPC), sing the national anthem during the opening session of the NPC at the Great Hall of the People in Beijing on March 5, 2019. Jason Lee/Reuters

BEIJING—China sought to shore up its slowing economy through billions of dollars in planned tax cuts and infrastructure spending, with economic growth at its weakest in almost 30 years due to softer domestic demand and a trade war with the United States.

The regime is targeting economic growth of 6.0 to 6.5 percent in 2019, Premier Li Keqiang said at the opening of the annual national meeting of the Chinese Communist Party’s political advisory body on March 5, less than the 6.6 percent gross domestic product growth reported last year.