Chinese military aircraft including Y-20 large transport aircraft and YU-20 aerial refueling tanker have arrived in south China's Zhuhai City on Monday for the upcoming 15th China International Aviation and Aerospace Exhibition, or the Zhuhai Airshow.
The Y-20 large transport aircraft is China's first independently developed large military transport aircraft, while the YU-20 aerial refueling tanker represents China's new generation of aerial refueling equipment. It can enhance the long-range mobility capability of the Air Force and can undertake the same aerial delivery missions as the Y-20 aircraft. The Chinese Air Force's J-16 fighter jet and H-6K bomber participating in the show arrived at the Zhuhai Jinwan Airport on Sunday. Domestically developed high-altitude long-endurance reconnaissance drones WZ-7 and WZ-10 arrived at the airport on Saturday. The airshow will take place from Nov 12 to 17, attracting 1,022 companies from 47 countries and regions. Russia, France, the United States, Saudi Arabia and Italy will participate in the biennial aerospace trade show in groups. As an export-oriented international event, the Zhuhai Airshow offers visitors a rare close-up view of China's military aircraft, especially the newest models.
Amazing military aircraft to dazzle at Zhuhai Airshow
Chinese lawmakers on Dec 25 voted to adopt a law on value-added tax (VAT), the largest tax category in China, marking major progress in enforcing the principle of law-based taxation.
The law, passed at a session of the Standing Committee of the National People's Congress, the national legislature, will take effect on Jan 1, 2026.
Currently, 14 out of the 18 tax categories in effect in China have already been legislated, covering the majority of tax revenue.
The VAT law specifies tax rates and taxable amounts, maintaining the three current rates of 13 percent, 9 percent, and 6 percent, with a zero tax rate applied to certain goods and services exports.
"The VAT legislation maintains the current statutory tax rates: 13 percent for goods, 9 percent for sectors like transportation, postal, communication, real estate, and construction, and 6 percent for services," said Shi Zhengwen, director of the Fiscal and Taxation Law Research Center of China University of Political Science and Law.
In terms of tax collection management, the VAT law clarifies that VAT will be collected by tax authorities, while customs will handle VAT for imported goods.
Additionally, for the first time, the law specifically outlines an invoicing management system, emphasizing the promotion of electronic invoices and strengthening data-driven tax administration.
"Electronic VAT invoices aim to provide timely access to tax-related information from business operations. The goal is to establish a tax information-sharing mechanism and coordination system. Under the 'data-driven tax administration' model, VAT collection will ultimately support high-quality development, social fairness, and market unity," said Shi.
VAT law to take effect in 2026, with current rates unchanged
