China Extends Tax and Fee Cuts for Some Businesses

What’s new: China has extended some tax and fee relief policies for certain industries and small businesses to strengthen confidence in the economy, according to the State Council, the country’s cabinet.

The extensions are expected to reduce the amount of taxes and fees levied on businesses by more than 480 billion yuan ($70 billion) a year while they remain in effect, a readout from the State Council executive meeting on Friday shows. The extended policies can reduce the costs of businesses in certain areas such as research and development.