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China should lower income taxes to spur growth: former finance minister

Lou Jiwei, chairman of the National Council for Social Security Fund (NCSSF), speaks at the China Development Forum in Beijing. [Photo: Reuters]

BEIJING- China should cut corporate and personal income taxes to support the slowing economy amid a trade dispute with the United States, former Chinese finance minister Lou Jiwei said on Sunday.

Facing the nation’s weakest economic growth since the global financial crisis, Chinese policymakers are fast-tracking road and rail projects, pushing banks to increase lending, and cutting taxes to ease strains on businesses.

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