China Cuts $174bn in Taxes and Fees During 2021

China’s State Taxation Administration cut about 1.1 trillion yuan ($174 billion) of taxes and fees in 2021 amid the country’s efforts to bolster economic growth and strengthen market vitality, Xinhua reported.

Last year, China rolled out preferential policies to deduct and defer taxes and fees to shore up industry and support smaller enterprises, Wang Daoshu, deputy head of the administration, said.

Read the full report: Xinhua.

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George Russell

George Russell is a freelance writer and editor based in Hong Kong who has lived in Asia since 1996. His work has been published in the Financial Times, The Wall Street Journal, Bloomberg, New York Post, Variety, Forbes and the South China Morning Post.