Wang Jun, head of China’s State Taxation Administration said at an annual meeting on Friday, the country will step up tax and fee cuts next year to stabilize economic growth and promote high-quality development, per Xinhua News Agency.

Key quotes

“The newly added tax and fee cuts in 2021 are expected to exceed 1 trillion yuan (about 157 billion U.S. dollars). The total tax and fee reduction topped 8.6 trillion yuan over the past six years.”

“China has deferred an estimated 200 billion yuan of tax payments for micro, small and medium-sized enterprises in the manufacturing sector in 2021 to help them address difficulties and shore up the industrial economy.”

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