International Business

China Announces Tax Breaks And Subsidies To Boost Employment, Agriculture As Growth Slows

China Announces Tax Breaks And Subsidies To Boost Employment, Agriculture As Growth Slows

SHANGHAI — The Chinese government on Friday announced tax breaks and other measures aimed at creating jobs and promoting entrepreneurship, as the country seeks to boost economic growth, which slowed to 7 percent in the first quarter of 2015, its slowest rate in six years.

A circular published by China’s cabinet, the State Council, on Friday — the country’s Labor Day holiday — acknowledged that China faced “pressure in creating more jobs.” It said the nation needed to implement “more pro-active employment policies,” according to the official Xinhua news agency. The circular said the government should encourage “mass entrepreneurship and startups, so as to foster a new engine of economic growth.” Separately, the Communist Party’s ruling Politburo also called on Friday for increased public spending and further tax cuts, though it did not go into detail.