China is planning tax cuts to boost consumption - Vice Finance Minister - Reuters

China is planning more tax cuts to help spur domestic consumption, Vice Finance Minister Zou Jiayi told Reuters on Thursday.

Jiayi added further that the finance ministry will provide CNY 214 billion ($30.72 billion) in new funding to poor areas from 2018 to 2020.

The world's second-largest economy is increasingly looking towards domestic demand to support the economy, which could suffer a deeper slowdown in the near future due to the ongoing trade war with the US.