Posted 3/4/2024, 1:30:09 PM
China Considers Doubling Tax-Free Allowance to 10,000 Yuan to Spur Spending
- Proposal to double China's tax-free allowance to 10,000 yuan per month to boost consumption and economy
- Current 5,000 yuan threshold has been in place since 2018
- Consumption drove over 80% of China's GDP growth in 2022
- But lower income expectations and high unemployment have made consumers more cautious
- Increasing incomes for farmers also advised by allowing more property transactions and mortgages
