In the Government Work Report, Li said that the govern

ment’s moves to cut taxes on this occasion aim at an accommo

dative effect to strengthen the basis for sustained growth while also considering the need to ens

ure fiscal sustainability. It is also a major measure to lighten the burden on businesses and boost market dynamism.

Participants at Wednesday’s meeting also decided on adjustments to the export tax rebate rates of certain goods and services and

to the tax deduction rate of purchases of farm produce. They decided to increase transfer payments to local gov

ernments, focusing on supporting the central and western regions and counties and prefectures experiencing difficulties.

“The share that goes to enterprises in the national income distribution ne

eds to be increased to boost market vitality. This will

help keep employment stable, expand tax sources and make public finance sustainable.” Li said.

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