Richest man in China proposed tax cut and monopoly break-up

Going against all principles of communism !

Richest man in China proposed tax cut and monopoly break-up.

Zong Qinghou, China’s richest man and Chairman of a food and beverage conglomerate, is proposing cutting taxes and breaking up monopolies in order to drive an economic recovery in the emerging market economy – and warned that Chinese growth will slide further in the second half of the year.

“Economic growth will slow down again in the second half because there have been no major economic policies rolling out”, Zong said.

Therefore, his prescription for driving the Chinese economy into recovery is in line with Premier Li Keqiang’s call for the state to have a reduced role in the economy. The billionaire also urges the break-up of monopolies and to make administrative approvals from the Government easier.

Meanwhile, China’s economy grew 7.5% in the second quarter from a year earlier, slowing for a second straight period. Experts explained that the Government’s pledge to limit additional stimulus is adding to the risk of a deeper slowdown in an economy jolted by a cash crunch and weakened by faltering global demand for exports.

Zong, who currently has a net worth of $11.3 billion, said that whilst the global economy is declining, China will recover faster than other countries.

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