US tax cut can be turned into an opportunity

The United States Senate has approved a bill to reduce taxes for businesses and the rich as part of the promises US President Donald Trump made during his presidential campaign, which will have a big impact on many economies, especially China's.

But given the global trend of cooperation and competition, China could transform the challenges created by the US tax cut into a driving force for the economy. Through interactions with its major trade partners, including the US, Japan and the European Union, China could promote win-win development to build a community of shared future for humankind.

Many economies, including China and the US, use tax cuts as a tool to boost the economy. But the US' tax cut policy is guided by "Reaganomics", or the economic policy president Ronald Reagan followed in the 1980s. China, too, used tax cuts to propel reform and opening-up in the 1980s, and they have yielded positive results.