Reforms to foster new economic growth drivers

Reforms in China to improve the business environment will continue, including to further reduce companies' tax burden, fostering new drivers of growth and promoting greater innovation to offset economic slowdown risks, according to officials.

This year, China is expected to achieve more than 2.3 trillion yuan ($327.2 billion) in tax and fee reductions, higher than the target of 2 trillion yuan set in March, Finance Minister Liu Kun said at a forum on Friday.

The government will continually take targeted new measures to improve the business environment and enhance the implementation of reform policies. "There is still room for China to catch up with the world's best practices and to follow the international prevailing rules," the minister said.