China ups tax, fee supports to boost market vitality in 2023

BEIJING, Jan. 18 (Xinhua) -- China stepped up tax and fee reductions for businesses to boost market vitality last year, official data showed Thursday.

Newly implemented tax refunds, as well as cuts and deferrals of taxes and fees, exceeded 2.2 trillion yuan (about 309.1 billion U.S. dollars) in 2023, Rao Lixin, deputy head of the State Taxation Administration, told a press conference.

The measures have effectively helped stabilize expectations and improve market confidence and vitality, he said, adding that the administration optimized services for the private economy, in particular micro, small and medium-sized enterprises.