China pledges largest-ever economic rescue package to save jobs and livelihoods amid coronavirus

China has pledged a package of 4 trillion yuan (US$559 billion) worth of cost cuts for the country’s struggling factories and merchants in 2020, the largest economic rescue plan in its history, in an enhanced effort to save jobs that were put at risk by the coronavirus outbreak, Premier Li Keqiang confirmed on Thursday.The combined cuts in business costs, which include tax exemptions, lower bank interest rates and waived contributions to social welfare funds as well as reduced prices for…

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