Xinhua News
Feb 23, 20222 min
The implementation of tax and fee cuts policies has reduced the burden on market players and strengthened their resilience, Xu said.
To further vitalize market entities, this year the country will intensify tax-deduction efforts and launch targeted support measures while focusing on the high-quality development of the manufacturing industry, smaller businesses and scientific innovation.
Preferential tax measures should move in tandem with other proactive fiscal, monetary and industrial policies to help market players tide over difficulties, according to Xu.
Amid the tax and fee cuts, the growth of local-government revenue will slow down, Xu noted, adding that the central government will significantly increase transfer payments to local governments.
These funds will mainly flow to less developed regions, those in difficulty, and those where fiscal revenue faces mounting pressure from tax and fee cuts, he added.
The country will maintain appropriate levels of fiscal expenditure while giving priority to key sectors, including sci-tech breakthroughs, environmental protection and major regional strategies, Liu said.
Measures will be taken to allocate local government special bonds in a reasonable manner, Liu said, noting that the country issued 484.4 billion yuan in January to fund projects in the transport, industrial park infrastructure and other key areas.
The figure accounted for one-third of the 1.46 trillion-yuan funds that were allocated late last year from the country's 2022 quota for local government special bonds.
The advance allocation is aimed at stimulating effective investment and mitigating economic pressure, Xu added.
Source: Xinhua, Editor: Huaxia
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