Chinese Premier Li Keqiang has announced that China will ensure stable economic growth in Q1 of 2022. The announcement came as Zhang Ming, senior economist at the Chinese Academy of Social Sciences, a top government think-tank, said in a report that China's economy could grow 5.3-5.5% in 2022. Li said that the government will implement greater tax and fee cuts for businesses and would provide targeted support for Covid-affected sectors such as services. China will also extend existing tax breaks and increase deductions for research and development expenses when companies calculate their income tax. Li said that China aims to stabilize key sectors such as employment, financing, trade, and investment following new downward pressures on its economy.
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