China Rolls Out Proactive Fiscal Policies, Such As Tax Cuts And Fee Reductions, To Boost Economy

The Securities Times stated that the stamp duty on securities transactions will be halved, and the standards for special additional deductions for three individual income tax items will be increased, and the purchase of domestic equipment by R&D institutions will eligible for full refund of value-added tax. Since August, the Ministry of Finance and other departments successively extended, optimized and improved a package of tax reduction and fee reduction policies, which not only shows a change in the direction of tax support policies, but also reflects the determination to increase countercyclical regulation and boost social confidence. It is foreseeable that before market confidence and domestic demand improve significantly, the Ministry of Finance and other relevant departments will continue to plan and introduce more tax and fee reduction measures. It is believed that the weak segments in the current economic operation will receive more tax and fee support policies. In order to increase the intensity of countercyclical regulation, proactive fiscal policies are expected to be intensified during the year.