As the growth rate of the Chinese economy slowed following US-imposed tariffs on Chinese goods worth billions of dollars previous year, Beijing has now taken new measures to reignite its economy, using tax cuts as the first line of defence to reverse the losses.
Li, who is the deputy to president Xi Jinping, said China's economic growth would be between 6% to 6.5% this year, down from 6.6% in 2018, during his opening speech at the annual National People's Congress.
China sought to shore up its slowing economy through billions of dollars in planned tax cuts and infrastructure spending, with economic growth at its weakest in nearly 30 years due to softer domestic demand and a trade war with the United States.
Proposed tax cuts of up to 2 trillion yuan ($300 billion) would put "significant spending power" in the hands of consumers and companies, helping to buoy sagging demand for autos, household appliances and other goods, Varathan said.
Li also said that the government will continue to explore simplifying the Value-Added Tax system from three rates to two.
In a bid to defuse US and European trade complaints, Premier Li Keqiang pledged in a speech at the opening of China's national legislative session that foreign and local companies will be "treated as equals".
Trade tensions with the USA escalated past year after President Donald Trump announced additional tariffs on $250 billion worth of goods from China, and Beijing countered with its own duties on $110 billion worth of US goods.
China will also boost its military budget by 7.5% to 1.2trn yuan, down from last year's 8.1% rise - which was the largest spending increase in three years.
Culture - Film review: Captain Marvel
The release date of Marvel's first solo female superhero film was deliberately timed to coincide with International Women's Day . Words like badass and kick-ass, used to describe women, have been trotted out so often that they've come to mean nothing.
Villar leads other Philippine billionaires on Forbes' richest list
The amount of billionaires around the globe and the total they're worth shrank over the past year, according to Forbes . Closing in on Kuok is Tan Sri Quek Leng Chan of Hong Leong group fame, with his estimated net worth of US$9.4 billion.
Yes, Trump Addressed Apple's CEO Tim Cook as 'Tim Apple'
Perhaps that's why he's unable to fathom the idea that the man who now heads Apple , Tim Cook , isn't actually called Tim Apple . Nearly exactly a year ago, Trump called Marillyn Hewson , the CEO of aerospace firm Lockheed Martin , " Marillyn Lockheed ".
The surveyed urban unemployment rate is projected to stay around 5.5 percent, the registered urban unemployment rate within 4.5 percent, according to the report to be delivered Tuesday morning at the second session of the 13th National People's Congress, China's top legislature.
Over the past year, China's central bank has cut the reserve requirements for commercial lenders five times to spur loans to small and private companies - vital for growth and jobs. Growth targets for M2 money supply, which includes cash in circulation and deposits, and total social financing this year would be in line with nominal GDP growth.
China aims to increase lending to small companies by large commercial banks by more than 30 per cent this year, the premier said.
While Li noted that the country will deepen interest rate reforms and lower real interest rate levels, he didn't give any specific details.
Li also made no mention of the "Made in China 2025" technology blueprint, under which China has been attempting to create global leaders in advanced technologies at the state's initiative.
For this year, Beijing has arranged a national economic agenda built around manageable debt risks, a sustainable environment and the alleviation of poverty.
Nevertheless, the growth target sets a barometer for China's economic performance not only to outside observers and investors, but also to regional governments and lenders.