China’s government is turning increasingly to tax cuts as the first line of defense against a slowing economy, in a departure from the wasteful infrastructure binges of the past. Further evidence of the shift emerged Tuesday, as senior policy officials pledged that tax reductions on a “larger scale” are in the pipeline, amid worsening economic data. JPMorgan Chase & Co. economists estimate the total impact will be around 2 trillion yuan ($300 billion), or 1.2 percent of gross domestic product. Bloomberg