Premier Li underlines tax cuts to benefit enterprises, boost market vitality

Chinese Premier Li Keqiang on Friday called for more efforts to implement tax and fee cuts in a bid to let enterprises enjoy concrete benefits and further boost the vitality of market entities.

Li, a member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, made the remarks at a symposium on the implementation of reducing taxes and fees.

Larger-scale tax and fee reductions are a key measure to improve the business environment and boost the vitality of market entities, which not only contribute to steady economic growth and stable employment but also encourage enterprises to increase investment on innovation and enhance competitiveness, Li said.

As a key task for this year, tax and fee cuts have been carried out and are proceeding as expected, Li said, demanding more efforts to ensure the complete implementation of related policies.

At the meeting, several entrepreneurs shared their opinions and made suggestions on tax and fee reductions.

The tax burden for the manufacturing sector should be lowered significantly and industries which create many jobs such as construction should also see tax reductions.

Li urged efforts to ensure the tax burden for all industries is lowered and micro and small enterprises should see a substantive reduction of their tax burden.

Measures, including stricter market supervision, will be taken to guarantee the effects of tax and fee cuts.

Besides tax and fee-reduction policies, China plans to unveil more measures to deepen reform and opening-up, encourage entrepreneurship and innovation as well as foster fair competition to withstand economic hardship amid downward pressure, he said.

Vice Premier Han Zheng, also a member of the Standing Committee of the Political Bureau of the CPC Central Committee, attended the symposium.