News Detail

Chinese Premier Li Keqiang, also a member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, presides over a symposium on the implementation of reducing taxes and fees on Jan 5, 2022. Vice Premier Han Zheng, another member of the Standing Committee of the Political Bureau of the CPC Central Committee, attended the symposium.

The Ministry of Finance and the State Taxation Administration made a report. Liu Shangxi, President of the Chinese Academy of Fiscal Sciences and Professor Liu Yi of Peking University spoke as experts. Major government officials of Shanxi, Liaoning, Jiangsu, Anhui, Shandong and Gansu provinces delivered speeches via video.

Li said, the intensified implementation of tax and fee cuts is a key measure of China's macro policy. Under the strong leadership of the CPC Central Committee with Xi Jinping as the core, in the face of the complex and severe domestic and international environments in recent years, we have comprehensively implemented the new development concept, innovated macroeconomic regulation and control methods, took reducing taxes and fees as "an offensive move" to help market to alleviate the difficulties and stimulate vitality, and promote the achievement of stable growth and employment.

Li said that the tax and fee cuts have focused on supporting micro, small and medium-sized enterprises, individually run businesses, and the upgrading of the manufacturing industry, both to reform the value-added tax system and implement the additional tax deduction of R & D expenses, as well as periodically reduce the social security premiums, giving rise to a large number of market players, playing a role in cultivating tax sources, expanding the tax base, to achieve a virtuous cycle of "Release the water to raise fish" and "More water and more fish".

Amid increasing downward pressure, Li stressed the need to strengthen cross-cyclical adjustments, promptly intensify the implementation of tax and fee cuts in response to the needs of market entities, and ensure stability on the six fronts and security in the six areas. It is necessary to continue the expired tax and fee cut measures, increase the strength of the additional tax deduction of R&D expenses and the refund of excess input VAT, and implement precise assistance to the services industry and other difficult industries that have been hit hard by the pandemic and have large employment capacities. "The government must tighten its belt to give more benefits to businesses and energize the market," Li said, adding that central government finance will intensify efforts to provide general transfer payments to local authorities so as to make up for possible funding gaps at the local level. Li also called for efforts to crack down on irregularities including arbitrary charges, tax evasion and fraud. All departments should adhere to the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, implement the decisions and arrangements of the Party Central Committee and the State Council, give top priority to ensuring stability, make progress while maintaining stability, and promote sustainable and healthy economic development.

Hu Chunhua, Liu He, Wang Yong, Xiao Jie, Zhao Kezhi and He Lifeng attended the symposium.