Chinese Vice Premier Li Keqiang has urged more taxation reforms and structural tax cuts to boost industrial upgrading and the transformation of the economic growth pattern.
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The adjustment in taxation is an important part of the country's fiscal reform and a key measure to stabilize growth and adjust economic structure, and the government should accelerate the promotion of such measures to benefit more enterprises, Li said.
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The move was not a simple adjustment but a notable systematic innovation, said Li. It aimed to realize fair taxation on goods and services to promote the upgrading of the manufacturing sector and the development of services.
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The move is key for boosting the development of small and mid-sized firms, he said. It helped trim tax burdens for small taxpayers by an average of 40 percent during trials.
