August 30, 2018 / 11:11 AM / 2 months ago

China will roll out new measures to support economy: cabinet

BEIJING (Reuters) - China will roll out new measures to support the economy, state radio said on Thursday after a meeting of the country’s cabinet.

A power station of the State Development & Investment Corporation (SDIC) is reflected in a lake in Tangshan, Hebei province, China, August 22, 2018. REUTERS/Thomas Peter

At the meeting chaired by Premier Li Keqiang, the State Council said that the new measures, which include tax cuts, are expected to cut costs for firms this year by an additional 45 billion yuan ($6.59 billion).

Beijing is speeding up infrastructure spending and offering help to smaller companies as China’s economy cools and U.S. trade tensions intensify.

($1 = 6.8300 Chinese yuan renminbi)

Reporting by Beijing Monitoring Desk

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