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Economy

China bolsters domestic market to soften trade war blow

Tax cuts and infrastructure boost likely as Politburo aims to spur demand

People walk past a Subway sandwich store at Sanlitun Soho residential and commercial complex in Beijing. China will focus on strengthening domestic demand.   © Reuters

BEIJING -- China's ruling Communist Party set a goal of expanding its domestic market in a meeting chaired by President Xi Jinping on Thursday, as the trade war with the U.S. clouds the economic outlook.

The party should be "prepared for potential adversities," the Politburo agreed at a session to discuss economic policy for 2019. The meeting called for moves "to cultivate the strength of the domestic market" and "push forward rural vitalization," which likely signal fresh tax reductions and infrastructure spending ahead.

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