Chinese Premier Li Keqiang stressed the implementation of larger-scale tax cuts to further boost the vitality of market entities.

Li made the remarks at a symposium held during his inspection at the Ministry of Finance and the State Taxation Administration.

China's tax and fee cuts will bring benefits to the country both in the short and long term, as it not only reduces corporate burden and helps stabilize employment but also optimizes economic and income distribution structure and promotes sustainable fiscal spending, Li said.

China should accelerate the implementation of tax cut measures to further unleash the vitality of companies, which will help the economy keep running within a reasonable range and promote high-quality development, Li said.

Li said that this round of tax cuts must ensure that the tax burden on major industries such as the manufacturing sector is decreased significantly and lowered to various extents in some industries.