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Trade war

China to cut taxes to offset trade war damage

Economic guideline for 2019 promises revenue relief in excess of $188bn

People stroll through a shopping district in the southern city of Shenzhen. Tax cuts will be one of the methods used to support the Chinese economy.   © Reuters

BEIJING -- China's top leadership signed off Friday on an economic plan for next year that features aggressive stimulus measures such as tax cuts to spur domestic demand and handle the fallout from the trade war with the U.S.

The annual blueprint, released at the close of the three-day Central Economic Work Conference, includes a mix of tax breaks and monetary steps. The conference statement was frank about the prospects for the coming year, noting that "the external environment is complicated and severe, and the economy faces downward pressure."

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