Policy digest

Cabinet made three decisions

On Nov 29, the State Council, China's Cabinet, held an executive meeting, presided over by Premier Li Keqiang, and made two major decisions. The meeting heard reports on the reform that lowers the tax burden of businesses by comprehensively replacing business tax with value-added tax, and decided to return a certain amount of the new tax to local governments to help local development; it also heard reports on the supervision of central State-owned enterprises, and decided to strengthen regulatory measures to raise the efficiency of central SOEs.

Support given to rural businesses