Following Bloomberg‘s report indicating China is considering a broad package of stimulus measures, Xinhua reported Chinese customs authorities have introduced 16 initiatives to optimize the country’s business environment. These measures, announced during a press briefing held by the General Administration of Customs (GAC), aim to enhance cross-border logistics efficiency, support the importation of advanced technology equipment and special items, promote the trade of vital agricultural and food products, facilitate export tax rebates, upgrade trade processing, and improve border trade supervision.
Additionally, Xinhua also highlighted China recently announced a series of actions aimed at reducing costs for businesses across various sectors. The National Development and Reform Commission (NDRC), along with three other state organs, issued a circular outlining plans to provide tailored tax and fee reduction measures for sectors focused on technological innovation or key industrial chains. This includes optimizing existing favorable tax policies and extending premium rate reductions for unemployment insurance and work-related injury insurance until the end of 2024.
These announcements come as the People’s Bank of China made a surprising move yesterday by reducing several policy interest rates, creating a path for a potential decrease in the key lending rate that is set to be announced on Thursday.
