Summary Box: China plans tax cuts for companies

The Associated Press

CONSUMER SPENDING: China will cut income taxes on companies and import duties on energy and raw materials as part of efforts to spur domestic consumption and reduce reliance on exports and investment, the finance minister said.

GOVERNMENT SUPPORT: Beijing also will spend more on education, health and other services to ease burdens on households and free up money for consumer spending.

ADDITIONAL STEPS: The change in business taxes comes after Beijing raised the threshold for paying personal income taxes last July, effectively exempting up to 60 million workers.