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Follow us Please click above " 德勤Deloitte " ↑ Economy How should China react to tax war? US tax reform, which has been the most important factor in driving global financial markets over the past few months, is in its final sprint across the finishing line. The main feature of this is to lower the corporate tax rate from the existing 35% to 21%, so that from 2018 onwards many US MNCs will have added incentive to repatriate overseas funds. Reactions from the US stock market have been overwhelmingly positive although the market seems to downplay the adverse effect of a possible inflationary shock. Most investors have taken the view that meaningful reductions of corporate income tax will justify more elevated P/E multiples. However, the credit market has been remarkably calm of late with a flattening yield curve, suggesting that investors also believe the stimulus effe
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