China's Premier Li: Will continue to cut taxes on a large scale in 2020

China will continue to cut taxes on a large scale in 2020, China's Premier Li Keqiang told the state media on Friday.

"China has the confidence and the ability to cope with risks and challenges, keep economic operation within a reasonable range," Li added. "We will continue to open up in education, technology and other sectors."

Earlier in the day, the National Bureau of Statistics of China reported that the Chinese economy expanded by 1.5% on a quarterly basis in the fourth quarter to keep the annual growth rate steady at 6%.