Tax cuts for businesses in pipeline

By Xin Zhiming and Wang Bo | China Daily | Updated: 2008-12-09 07:42

A woman walks past a board displaying the Hang Seng Index chart in Hong Kong yesterday. Hong Kong share prices closed 8.7 percent higher, lifted by hopes that Beijing would announce more market-boosting measures to boost its economy. The benchmark Hang Seng Index rose 1,199 points at 15,044. Stocks on the mainland and other Asian markets also rose. AFP

As top policymakers ponder ways to ensure GDP growth of at least 8 percent next year, the government is "very likely" to initiate cuts in business tax to add impetus to the slowing economy.