July 25 2023

China Extends, Optimizes, Improves and Ensures Implementation of Tax and Fee Reduction Policy

The Political Bureau of the Central Committee of Communist Party of China held a meeting on July 24, 2023 to analyze the current economic situation and make arrangements for economic work in the second half of the year, according to a statement on the website of the Chinese government.

It said that it is necessary to stick to a proactive fiscal policy and a prudent monetary policy, extend, optimize, improve and ensure the implementation of tax and fee reductions, give full play to the role of quantitative and structural monetary tools, and provide strong support for scientific and technological innovation, the real economy, and the development of micro, small and medium-sized enterprises. It stressed efforts to boost consumption of major items including automobiles, electronic products and household items, encourage spending on services such as sports, leisure and cultural and tourist services, promote the in-depth integration of digital economy with advanced manufacturing and modern services, advance the the safe and sound development of artificial intelligence, promote the well-regulated, healthy and sustained development of platform enterprises, strengthen financial regulation and steadily encourage high-risk small and medium-sized financial institutions to defuse risks through reform.