Concerted efforts from multiple authorities in supporting value-added tax (VAT) credit refunds to businesses will play a critical role for the country's smaller businesses facing strong headwinds, and are expected to tide them through challenging times, officials and experts said.
China's continued tax and fee cuts and the recent move of refunding value-added tax credits to businesses are helping market players withstand economic headwinds and are critical in supporting growth this year, an official said.
China will offer more export tax rebates to ease the current financial pressure on export-oriented companies, and open green channels for the import of vital manufacturing parts to maintain the stability of the industrial chain, government officials said on Thursday.
The recent move to include care expenses for children under the age of 3 as part of the special additional deductions for individual income tax is expected to reduce the financial burden on families, increase their consumption capacity, and is conducive to the long-term improvement of the nation's overall demographic structure, experts say.
Facing complicated and grim international circumstances, sharp price rises, and increasing volatility in the agricultural product market, China's development and agricultural production face new challenges, said Li.