We wonder what Thomas Friedman, who fell in love with communist China during his Olympics visit, would say if China slashed taxes in order to grow their economy. In his trip recap, he virtually declared Beijing suitable for “The Jetsons,” and lauded China’s, “national investment, planning, concentrated state power, national mobilization and hard work.”
It would be oh so refreshing to see someone in the mainstream media relay these factoids about juggernaut China too:
Beijing was planning to cut business tax for commercial banks – possibly to three percent from the current five percent, to help improve their capital adequacy.
Beijing has launched a number of tax measures aimed at maintaining growth as the global meltdown’s impact on the Chinese economy becomes increasingly pronounced.
It has increased export tax rebates on various items from textile to steel products and has announced plans to lower export tariffs on agricultural goods by up to 30 per cent.