China’s parliament has drafted a tax cut that will slash tax for most individuals, as part of the government’s efforts to boost consumption and reduce inequality.
China is seeking to reduce excessive rates of savings and investment and generate a higher share of growth from household consumption. Economists say that raising post-tax household income is crucial to encouraging consumers to open their wallets.
China is also one of the most unequal in the world, with a Gini coefficient for income of about 0.40, according to official data — a level defined by the World Bank as the threshold for “severe inequality”. An authoritative non-government survey in 2016 estimated that the true figure was even higher.
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