China is planning to cut the value-added tax rate that covers the manufacturing sector by 3 percentage points as part of measures to support the slowing economy, Bloomberg reports.
The decision could deliver a boost worth up to 600B yuan ($90B) or 0.6% of GDP, according to Morgan Stanley.
Officials have increasingly turned to tax policy to support growth as debt-fueled spending and monetary policy become increasingly constrained.
Shanghai +1.1% to 3,028.
ETFs: FXI, KWEB, ASHR, YINN, CAF, EWH, CQQQ, YANG, MCHI, GXC, CYB, FXP, PGJ, CN, KBA, TAO, CHIQ, HAO, CHIX, TDF, QQQC-OLD, CNY, PEK, CHN, CWEB, CXSE, CHAU, XPP, CNXT, ASHS, AFTY, CHAD, FCA, YAO, YXI, FXCH, ECNS, CHIM, CHII, CHIE, KFYP, OBOR, ASHX, CNYA, FHK, HAHA, XINA, CNHX, KGRN, CHIH, CHIK, CHIL, CHIR, CHIS, CHIU, FLCH, FLHK, WCHN
Now read: 6 Top ETF Picks For 2019 »
Subscribe for full text news in your inbox