China's Finance Minister: Tax cuts are a top fiscal priority in 2019

China's main tool to prop up the slowing economy in 2019 is tax cuts, Finance Minister Lui Kun reportedly said on Thursday. 

The world's second-largest economy slashed its GDP target to 6 to 6.5 percent this year from the 2018 target of 6.5 percent amid an ongoing trade war with the US. 

Authorities, however, have ruled out "flood-like' stimulus to counter the slowdown. 

Key quotes

China seeks to help manufacturers and small firms with tax cuts. 

Deepening VAT reforms is a key priority.