Key Points From China Government Work Report for 2018

Below are the main points from China’s government work report released Monday in Beijing.

Import tariff cut:
- China to lower import tariffs for vehicles and some consumer goods
Internet/Telecom:
- China to cancel domestic Internet data roaming fees in 2018
- China to cut rates for mobile Internet services by at least 30 percent this year
- China to expand free wifi spots in public areas
- China to lower broadband charges for families and enterprises
Opening up:
- China to expand opening to foreign investment in telecom, new energy vehicle, healthcare and education
Tax and wages:
- China to cut taxes for enterprises, individuals by 800 billion yuan this year
- China to lift thresholds for levying personal income taxes, without elaborating
- China to adjust level of minimum wages reasonably this year
Property:
- Govt reiterates that housing is not for speculation and aims to develop housing rental market
- China to steadily push forward legislation of property tax, without elaborating
Capacity Cut:
- China to cut steel capacity by 30 million tons this year; to remove 150 million tons coal capacity
Financial regulations:
- China’s overall economic, financial risks controllable
- China to boost coordination among financial regulators
- China totally able to prevent systemic risks
- China to improve regulation for shadow banking, Internet financing

— With assistance by Jasmine Wang

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