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China says tax cuts buoyed GDP growth in 2019 by 0.8 percentage point

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China says tax cuts buoyed GDP growth in 2019 by 0.8 percentage point

Tax cuts implemented by China's government strengthened the country's GDP growth in 2019 by about 0.8 percentage point, according to the State Taxation Administration, Bloomberg News reported.

The stimulus increased the nominal value of the Chinese economy to about 100 trillion Chinese yuan in 2019 from 92 trillion yuan in 2018, as calculated by Bloomberg News, in line with President Xi Jinping's statement on Dec. 31, 2019.

The State Taxation Administration said the tax cuts in 2019 were valued at more than 2 trillion yuan and accounted for over 2% of GDP.

The fiscal measure led to a slowdown in tax revenue growth to 1.8% in 2019 from 9.5% in the previous year, according to the government. These figures differ from the calculations of the Ministry of Finance, which reported a year-over-year tax revenue growth of 0.5% for 2019, excluding the month of December.

As of Jan. 6, US$1 was equivalent to 6.98 Chinese yuan.