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U.S. pursues 3 pct growth via tax reforms, regulatory relief

Editor: zhenglimin 丨Xinhua

04-23-2017 12:13 BJT

WASHINGTON, April 22 (Xinhua) -- U.S. Treasury Secretary Steven Mnuchin reiterated on Saturday that the Trump administration is pursuing over 3percent economic growth with the support of tax reforms and regulatory relief.

U.S. Treasury Secretary Steven Mnuchin (R) and Christine Lagarde, managing director of the International Monetary Fund (IMF), attend a conversation on the U.S. economy, in Washington D.C., capital of the United States, April 22, 2017. U.S. Treasury Secretary Steven Mnuchin reiterated on Saturday that the Trump administration is pursuing over 3percent economic growth with the support of tax reforms and regulatory relief. (Xinhua/Bao Dandan)

U.S. Treasury Secretary Steven Mnuchin (R) and Christine Lagarde, managing director of the International Monetary Fund (IMF), attend a conversation on the U.S. economy, in Washington D.C., capital of the United States, April 22, 2017. U.S. Treasury Secretary Steven Mnuchin reiterated on Saturday that the Trump administration is pursuing over 3percent economic growth with the support of tax reforms and regulatory relief. (Xinhua/Bao Dandan)

"The U.S. economy is well positioned," Mnuchin said during a conversation with Christine Lagarde, managing director of the International Monetary Fund (IMF).

He called the IMF's forecast for U.S. growth "a little conservative," saying that the U.S. economy could grow by 3 percent or higher with the support of tax reforms and regulatory relief.

The IMF forecast the U.S. economy to grow by 2.3 percent this year and 2.5 percent next year.

Mnuchin reiterated that the Trump administration is planning to bring the high corporate tax rates down and simplify tax codes for individuals.

U.S. President Donald Trump said on Friday that the administration is going to release its tax plan next week.

Mnuchin suggested that the tax plan would not be revenue-neutral. "We' re looking for reforms that will pay for themselves with growth," Mnuchin said.

He skipped questions about whether regulatory relief could affect financial stability, saying that the administration is trying to reduce conflicting regulations that hurt economic growth.

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