FX.co ★ China gets the ball rolling on the economic growth

China's government has thrown all its energies into fighting against the economic recession. The executive developed a range of actions oriented to stabilize the economy and quicken the economic growth. The authorities started with small business and released Chinese businessmen from the value added tax. Besides, they guaranteed the enterprises, annual income of which does not exceed 20,000 yuan ( or $3,257), additional tax exemptions. So, on August 1, Beijing froze one of the key tax levy – sales tax - for such companies. The People's Republic of China government hopes that the tax easing will support more than 6 million small enterprises. It is also supposed to increase the businessmen revenues and provide millions of Chinese people with jobs. Recently, the policy on simplification of customs clearance was added to the list of measures designed for boosting the economy. As for small and medium businesses, they will be offered maintenance fees reduction as a bonus. Such careful attention is explained by the economists' disappointing forecasts. Recession and stagnation have been observed for the last two quarters, thus, experts are apprehensive about further economic slowdown.