China to step up tax, fee cuts to stabilize growth next year - Xinhua

Dhwani Mehta FXStreet

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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Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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