China's tax and fee cuts, along with tax refunds, totaled 2,086.8 billion yuan (about 290.46 billion U.S. dollars) in the first three quarters of the year, as part of efforts to support technological innovation and the development of the manufacturing sector, according to the latest data from the country's top tax authority.
Of the total, 893.7 billion yuan (about 124.39 billion U.S. dollars) was allocated for increased investment in science and technology and the transfer of research results, 810.7 billion yuan (about 112.84 billion U.S. dollars) for the high-quality development of the manufacturing industry, and 302.5 billion yuan (about 42.10 billion U.S. dollars) for the cultivation and development of high-tech enterprises and emerging industries, according to the State Taxation Administration.
China cuts over 2 trillion yuan in taxes and fees in Q1-Q3 to support innovation, manufacturing
China is promoting high-level opening-up in the financial sector and welcomes foreign-invested enterprises to deepen mutually-beneficial cooperation, Vice Premier He Lifeng said in Beijing on Tuesday.
He, also a member of the Political Bureau of the Communist Party of China Central Committee, made the remarks when meeting with Andrew Schlossberg, President and Chief Executive Officer of Invesco.
Noting that China is continuing to deepen the reform of the capital market, steadily expanding the institutional opening up of the financial sector, and striving to provide high-quality financial services for economic and social development, He said that companies from all countries are welcome to continue deepening investment cooperation with China for mutual benefit and win-win results.
Schlossberg expressed his optimism about the development prospects of China's financial market, saying his company is willing to take China's further comprehensive deepening of reform as an opportunity to continue expanding cooperation with China
China welcomes foreign-invested firms deepening mutually-beneficial cooperation: vice premier
