0913 GMT - China's trade tensions with the U.S. may be a catalyst for Beijing to accelerate policy easing, according to HSBC economists. The Trump administration's additional 10% tariff on goods imported from China is likely to shave off 0.3 percentage point from China's GDP growth, they say in a note. The tariffs may also push Beijing to implement more forceful fiscal easing and structural reforms, the economists note. Consumption tax reform could accelerate this year, including shifting the collection point from production to consumption, and giving a share to local governments, they add. The key objective is to enhance fiscal sustainability and streamline the fiscal relationship between the central and local governments, they say. Investors will be closely watching the National People's Congress in early March. (tracy.qu@wsj.com)
(END) Dow Jones Newswires
February 11, 2025 04:13 ET (09:13 GMT)
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