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China will cut value-added tax for manufacturers on Apr 1 - premier

BEIJING, March 15 (Reuters) - China will cut value-added tax (VAT) for manufacturing and other sectors on April 1, Premier Li Keqiang said on Friday, adding that cuts in taxes and fees remained a key measure to cope with downward pressure on the world's second-largest economy.

China will also start cutting social security fees from May 1, he told reporters at a news conference at the conclusion of the annual parliament meeting.

Li announced in a 2019 work report delivered on March 5 that the VAT for the manufacturing sector will be cut to 13 percent from 16 percent. VAT for the transport and construction sectors will be reduced to 9 percent from 10 percent.

(Reporting by Kevin Yao and Ryan Woo; Writing by Yawen Chen Editing by Shri Navaratnam)