China strengthens tax, fee relief measures to shore up business

China strengthened several tax and fee relief measures to support the development of businesses and bolster the real economy this year, official data showed on Monday.

Newly implemented measures led to tax refunds, tax and fee cuts and deferrals amounting to 1.66 trillion yuan (about 233.28 billion U.S. dollars) in the first 10 months of 2023, according to the State Taxation Administration (STA).

Taxpayers in the private sector became the primary beneficiaries of the country's tax and fee relief measures, the STA said.

Nearly 1.24 trillion yuan of tax and fee payments was rebated, deducted or deferred for China's private businesses during the period, accounting for nearly 75 percent of the country's total.

Among all sectors, manufacturing and related wholesale and retail industries benefited the most from the support, the data showed.