Nation to ease corporate burden

Tax, fee cuts planned as well as policies that are favorable to small businesses

China will cut taxes and administrative fees by 550 billion yuan ($79.7 billion) this year to further reduce the corporate burden and will roll out favorable tax policies to support small innovative and technology companies, Finance Minister Xiao Jie said on Tuesday.

Xiao said the ministry will adopt a proactive and effective fiscal policy by increasing the fiscal deficit by 200 billion yuan to meet the demands for tax cuts and expenditures in key areas such as supply-side structural reform.