China will cut taxes on a "large scale" to shore up the sagging economy - Bloomberg

China will slash taxes "on a larger scale" to help support its slowing economy, a senior economic official has said, according to Bloomberg.

• The government will continue to cut taxes, especially for small businesses and the manufacturing sector, according to a statement distributed to reporters before a press conference with Zhu Hexin, deputy governor of the People’s Bank of China, Xu Hongcai, deputy minister of the Ministry of Finance and Lian Weiliang, deputy chairman of the National Development and Reform Commission on Tuesday.

The world's second-largest economy is feeling the heat of the ongoing trade war with the US and the drop in demand elsewhere.