China's Year-On-Year Growth Slowed To 7.5% In The Second Quarter From 7.7% In The First Quarter.

< p > China's State Council said on Wednesday that it will temporarily exempt some small and micro enterprises from value-added tax and business tax from August 1st. The aim is to create a more equitable business environment and support employment. < /p >
Following the announcement of the executive meeting of the State Council (P), the State Council announced that a large number of small and micro enterprises, most of which are private enterprises, play an important role in promoting economic development, promoting market prosperity and expanding employment. < /p >
< p > announcement said that from August 1st this year, small and medium-sized taxpayers and business tax taxpayers who do not exceed RMB 20 thousand yuan ($3239) in monthly sales of small and micro enterprises will temporarily exempt value-added tax and business tax. < /p >
< p > announcement also said that this will bring more benefits to more than 6 million small and micro enterprises, and directly related to tens of millions of people's employment and income. And said that China is still studying the long-term mechanism to support the development of small and micro enterprises. < /p >
< p > China's second quarter economic growth slowed to 7.5% from 7.7% in the first quarter. Many economists believe that China's economy may further slow down, this year will not achieve the official growth target of 7.5%. If this is the case, it will be the first time China has failed to achieve its annual economic growth target since 1998. < /p >
HSBC's China Manufacturing Purchasing Managers (PMI) preview index fell to 47.7 in July, and the final value in June was 48.2 on Wednesday, P. This provides more justification for China's leaders to fine tune their policies. < /p >
The executive session of the State Council, chaired by Premier Li Keqiang, also urged p to innovate the trade system to cope with the downturn in global demand and the slowdown in export growth. < /p >
< p > notice that China needs to develop convenient customs clearance measures, reduce administrative and business charges for import and export links, and encourage financial institutions to increase support for enterprises and projects with orders and efficiency. < /p >
P also pointed out that the Chinese government will strive to promote the basic balance of international payments and maintain a basically stable RMB exchange rate at a reasonable and balanced level. < /p >
< p > announcement said that we should raise funds for railway construction in many ways and channels, and open up the ownership and management rights of intercity railways and urban suburban railways to local and social capital. We should speed up the preliminary work so that the key projects identified in the 12th Five-Year plan will start in time and advance according to the reasonable time limit. < /p >