China Stocks Close Lower Wednesday 

BEIJING, Mar.3 -- An executive meeting of China's State Council, the Cabinet, approved Wednesday the draft plan to amend the personal income tax law and a plan to accelerate development of the Chengdu-Chongqing economic zone.
The draft plan, aimed at benefiting middle and low-income groups, will be submitted to the Standing Committee of the National People's Congress, according to a document released after the meeting, which was presided over by Premier Wen Jiabao.
The document said that by 2015, the Chengdu-Chongqing economic zone will become an important economic powerhouse and a national industrial base. 
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