Li: Tax reform to boost vitality of real economy

Premier Li Keqiang's message to the country's tax and financial authorities is crystal clear: The ongoing landmark tax reform must reduce burdens on all industries.

One month before the May 1 deadline of a sweeping reform that seeks to replace China's decadeslong business tax with a value-added tax, Li visited the State Administration of Taxation and the Ministry of Finance on Friday, making sure tax-reduction measures are in place to benefit numerous enterprises.

Beginning on May 1, the country's business-tax-to-VAT pilot program, which began four years ago, will expand to the remaining four sectors - property, construction, finance and consumer services - which involve at least 10 million companies. Together they contribute 80 percent of China's total business tax revenue.