Xinhua Silk Road - Belt and Road Portal, China's silk road economic belt and 21st Century Maritime Silk Road Website Xinhua Silk Road - Belt and Road Portal, China's silk road economic belt and 21st Century Maritime Silk Road Website
Subscribe CustomBlackClose

Belt & Road Weekly Subscription Form

download_pop

Research ReportCustomBlackClose

The full edition of the report is available at Xinhua Silk Road Database. You can click the “Table of Content” to have a general understanding of it.

Click on the button below to create your account and get immediate access to thousands of articles.

Start a Free Trial

Xinhua Silk Road Database
Economy

China's private sector benefits from 1.69 trln yuan in tax support in 2023

January 26, 2024


Abstract : Newly implemented tax refunds in China's private economy, as well as new cuts and deferrals of taxes and fees, totaled approximately 1.69 trillion yuan (about 237.88 billion U.S. dollars) in 2023, according to a national conference on taxation that concluded on Thursday.

BEIJING, Jan. 25 (Xinhua) -- Newly implemented tax refunds in China's private economy, as well as new cuts and deferrals of taxes and fees, totaled approximately 1.69 trillion yuan (about 237.88 billion U.S. dollars) in 2023, according to a national conference on taxation that concluded on Thursday.

The figure accounted for 75.7 percent of the country's total tax refunds, tax-and-fee cuts and tax-and-fee deferrals last year, making private-sector taxpayers the biggest beneficiaries of China's tax policies in 2023.

Official data shows that China's newly implemented tax refunds, as well as its new cuts and deferrals of taxes and fees, neared 2.23 trillion yuan in 2023.

The manufacturing sector and related wholesale and retail industries enjoyed 949.53 billion yuan of support from the tax policies, according to Huang Yun, a spokesperson for the State Taxation Administration.

Micro, small and medium-sized enterprises benefited most, saving about 1.43 trillion yuan, or 64 percent of total savings.

Huang said the country's tax departments will improve the quality and efficiency of tax services, help optimize China's business environment and further stimulate market vitality.

Scan the QR code and push it to your mobile phone

Keyword: private economy

Reading:

Los Angeles tourism official expects closer exchanges with China

Foreign institutions heavily engaged in China's financial market: finance official

New shipping route links ports in Russia, E. China

China's Xinjiang posts robust foreign trade growth in 2023

China's Hebei reports 7.4 pct foreign trade value increase in 2023

Write to Us belt & road login close

Do you want to be a contributor to Xinhua Silk Road and tell us your Belt & Road story? Send your articles to [email protected] and share your stories with more people.

Click on the button below to create your account and get im http://img.silkroad.news.cn/templates/silkroad/en2017te access to thousands of articles.

Start a Free Trial

Ask Us A Question belt & road login close

If you have any questions, please enter them in the box below.

Identifying code Reload

Write to Us belt & road login close

Do you want to be a contributor to Xinhua Silk Road and tell us your Belt & Road story? Send your articles to silkroadweekly@xinhua.org and share your stories with more people.

Click on the button below to create your account and get im http://img.silkroad.news.cn/templates/silkroad/en2017te access to thousands of articles.

Start a Free Trial