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China has announced a plan to reduce tax and fee burdens on enterprises by nearly 2 trillion yuan this year. According to Liu, tax cuts will represent about 70 percent of the total cut, while the rest will come from reductions in social insurance contributions and administrative fees.

China has been witnessing massive overcapacity in its iron and steel sector and has vowed to reduce capacity. It plans to eliminate 100 million tons to 150 million tons of crude steel capacity in the five years from 2016. In 2017 alone, the country slashed its crude steel production capacity by more than 50 million tons, exceeding its annual target, as part of efforts to improve the competitiveness of the bloated sector.

China could consider lifting its budget deficit target to 3.5 percent this year, up from 2.8 percent in 2019. This will increase fiscal spending by 1 trillion yuan, contributing to part of the stimulus outlay.

China has defined extreme poverty as earning less than 2,300 yuan a year, which was set a decade ago and has been adjusted annually against purchasing power parity. The amount is about 4,000 yuan this year.

China exported .54 billion worth of classical toys in July, up 21.2 percent year-on-year, according to the China Toy & Juvenile Products Association. The figure rose to .94 billion in August and then .11 billion in September, up 2.6 percent and 7.9 percent year-on-year, respectively.