China's tax and fee cuts, along with tax refunds, totaled 2.29 trillion yuan (about 313.69 billion U.S. dollars) in the first 11 months of 2024, 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.
China's tax incentives in 2024 aimed at supporting and boosting enterprises' innovations.
In Cixi, a city of east China's Zhejiang Province, a smart home appliance company which benefited from the tax-cut policies in 2024 used the saved funds in upgrading its production line and developing new products, which has brought the firm additional sales revenue.
"In 2024, we continued to strengthen our innovations. We got four new invention patents, and built up an intelligent production line. Our annual output value was 2.97 billion yuan (about 405.59 million U.S. dollars), an increase of 11.7 percent," said Xu Yangfei, in charge of the company.
Of the total tax and fee cuts, and tax refunds in first 11 months last year, 803.6 billion yuan (about 109.74 billion U.S. dollars) were made for increasing investment in science and technology and the transfer of research results, 80 billion yuan (about 10.92 billion U.S. dollars) for supporting equipment upgrading and technological transformation, and 968.3 billion yuan (about 132.23 billion U.S. dollars) for the high-quality development of the manufacturing industry, according to the State Taxation Administration.
Tax, fee cuts in first 11 months of 2024 near 2.3 tln yuan to support innovation, manufacturing
People in the Republic of the Congo say they are looking forward to expanding cooperation with China to more fields including medicine.
Chinese Foreign Minister Wang Yi is going to visit the central African country on Tuesday, as part of his four-nation tour of Africa.
Officials said that the two sides will implement some of the programs that were agreed upon at last year's Forum on China-Africa Cooperation in Beijing.
Economic relations between China and the Republic of the Congo date back to the 1960s.
Over the years, China has built factories, roads and bridges that have helped transform the country's agriculture-based economy into a semi-industrialized one.
Crude oil, copper and wood have been the Republic of the Congo's major exports to China, according to global trade data.
Congolese people hope their government can work to strengthen relations with one of the country's most important partners. In addition to infrastructure, people say some of the other areas that China and the Republic of the Congo plan to develop include health, agriculture and security.
"For me I think cooperation should extend to the healthcare sector, as we know that Chinese are good at medicine," said Ragma Nganga, a university student in Brazzaville.
"Cooperation between China and Congo has been remarkable especially in infrastructure projects. Chinese have built many roads," said Josue Mifoundou, a local digital media practitioner.
In 2018, China and the Republic of the Congo signed a memorandum of understanding on projects under the Belt and Road Initiative - China's flagship infrastructure initiative that's helping link Asia, Europe, Latin America and Africa to China through ports, roads and railways.
Congolese people anticipate expanded cooperation with China
