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1) NPC considers consumption, value-added tax cuts

China's top legislative body mulls cutting value-added and consumption taxes to support domestic consumption.

China's top legislative body has suggested cuts to value-added and consumption taxes in a bid to stimulate domestic consumption and reduce the tax burden of Chinese enterprises. Speaking last week at a plenum conference on the country's economic performance, members of the Economic and Finance Committee of the National People's Congress said the government should take advantage of strong revenue growth to ease taxes on companies and consumers. Fiscal policy should play a more active role in stimulating economic activity, they said. Committee members emphasized that inflation remains Beijing's top economic priority. The consumer price index, a key gauge of inflation, rose to 6.4 percent in June, the highest level in three years.