China’s economy is showing clear signs of stabilization, helped by policy support and some improvement in global demand, and is on track to meet the government’s 2013 growth target of 7.5 percent, according to recent reports. The government has launched a series of measures to support the economy, including (1) scrapping taxes for small firms: the tax exemption will cover over 6 million firms whose monthly sales revenues are below RMB 20,000 (US$3,300), but which collectively employ several tens of millions of workers; (2) offering more help for ailing exporters: banks should increase support for exporters, while the government will simplify customs clearance procedures and cut administrative fees and provide zero tariffs for exporters in the services sector; (3) and accelerating investment in urban infrastructure and railways. The issue of local government debt also remained under control, the National Bureau of Statistics said at a briefing organized by the foreign ministry that may have been aimed at allaying global concern about China’s slowdown.
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China’s economy stabilizing
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