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China reduceChina reduced taxes by $174 billion to support the economy in 2021 $174 billion to support the economy in 2021

originalThanks to the country's efforts to stimulate economic growth and strengthen the viability of the market, by the end of 2021, the amount of taxes and fees in China was reduced by about 1.1 trillion yuan ($173.9 billion), the Main State Tax Administration of China reported on Wednesday.

Wang Daoshu, deputy head of the Main State Tax Administration, said that last year micro, small and medium-sized enterprises in the manufacturing sector issued tax holidays totaling 216.2 billion yuan.

The introduction of preferential tax measures, such as tax cuts, tax refunds and deferrals on their payment, have saved a total of 27.1 billion yuan for enterprises in the coal, energy and heating industries, the official added.

By the end of 2021, China's tax revenues (minus the amount of export tax refund) amounted to 15.46 trillion yuan, reaching the government's annual target, Wang Daoshu noted.