China Beijing

The Chinese government has announced nearly $300 billion worth of tax cuts in an effort to boost its economic growth.

Li Keqiang, the country's deputy leader, announced at the start of parliament that economic growth for the year would be 6-6.5%, down from earlier estimates of 6.5%.

With the country having been locked in a trade war with the US in recent months, growth in the economy has slowed considerably.

The tax cuts are designed to increase consumer spending while allowing foreign companies greater access to its market. VAT for the transport, construction and manufacturing industries will all be reduced.