China plans bigger tax cuts in 2022 to spur economic growth

China to unveil bigger tax and fee cuts this year and step up payments to local governments to offset their hit to revenues, Finance Minister Liu Kun said, amid efforts to support a slowing economy.

China will unveil bigger tax and fee cuts this year and step up payments to local governments to offset their hit to revenues, Finance Minister Liu Kun said on Tuesday, amid efforts to support a slowing economy. Tax fee cuts will be larger in 2022 than last year's 1.1 trillion yuan ($173.56 billion) in reductions, Liu told a news conference without specifying the size of the planned cuts.

"This year, the central government will significantly increase