March 5, 2018 / 7:49 AM / a year ago

China will not join international tax cut race - state cabinet research head

BEIJING (Reuters) - China has no intention of joining the international tax cut race, head of the government’s state council research office said on Monday, even as Beijing rolled out fresh tax cuts worth more than 800 billion yuan (91.6 billion pounds) for 2018.

Huang Shouhong told reporters during a briefing on the sidelines of the country’s annual meeting of parliament that China has been cutting corporate taxes in recent years ahead of the global curve and that such tax cuts are based on the country’s own economic needs.

Reporting by Kevin Yao, writing by Beijing Monitoring Desk; Editing by Himani Sarkar

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