China has set out its economic direction for 2019 as growth slumps to a 30-year low
Delegates attend the opening session of the National People's Congress at the Great Hall of the People in Beijing, China, March 5, 2019.
The premier promised to "promote China-US trade negotiations," but gave no details of talks aimed at ending the fight with US President Donald Trump over Beijing's technology ambitions and complaints it steals or pressures companies to hand over technology. President Xi Jinping's government is expected to use this year's session to announce tax cuts and more support for entrepreneurs who generate much of China's new jobs and wealth.
Proposed tax cuts of up to 2 trillion yuan would put "significant spending power" in the hands of consumers and companies, helping to buoy sagging demand for autos, household appliances and other goods, Varathan said.Spending on the Communist Party's military wing, the People's Liberation Army, will rise to 1.2 trillion yuan , according to a separate report issued by the finance ministry.
News reports say Washington and Beijing might be close to an agreement to end the battle. But the chief US envoy, Trade Representative Robert Lighthizer, said earlier the two sides still had much work to do.
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