Easing tax burden on firms

At an executive meeting presided over by Premier Li Keqiang on Wednesday, the State Council, China's Cabinet, announced a series of new tax cut measures to ease the tax burden on businesses and so boost the real economy.

The value-added tax will be simplified, more small and micro companies will enjoy tax incentives, and pre-tax deductions for innovative technology companies will rise, according to a statement released after the meeting.

The VAT brackets are to be reduced from four to three with tax rates of 17 percent, 11 percent and 6 percent targeting different products.