Tax cuts expected to spur business

China's "aggressive" tax cut plan for 2019 highlights the central government's determination to promote high-end manufacturing and could motivate enterprises to increase investment despite the temporary slowdown in industrial profits, experts said on Tuesday.

The comments came after Premier Li Keqiang said in the Government Work Report on Tuesday at the opening of the second session of the 13th National People's Congress that the nation aims to reduce the tax burden and social insurance contributions of enterprises by nearly 2 trillion yuan ($298.4 billion) this year.

Fan Yong, a professor at Central University of Finance and Economics, said the tax reduction goal sends a clear signal that the government is doing its best to buoy the development of manufacturers.