New tax cuts set to rev up the economy

New tax cuts to boost the economy were announced after a State Council executive meeting on Thursday, along with a commitment to ensure full implementation of all existing tax reduction measures.

Premier Li Keqiang, who presided over the meeting, noted that tax and fee cuts made earlier this year have kicked in to support small and micro businesses and spur innovation.

"In the context of new developments both at home and abroad, tax and fee cuts are important for sustaining the positive momentum of steady economic growth," Li said. "More tax incentives should be rolled out and all introduced measures should be fully delivered. Tax and fee reductions are part and parcel of a proactive fiscal policy, and something that we are capable of doing now."