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  • Beijing Review

    ECONOMY

    Mar 03, 2022 3 minutes

    SME Support

    Targeted measures will be rolled out to assist small and medium-sized enterprises (SMEs) overcome difficulties, and promote entrepreneurship and innovation, Yu Weiping, Vice Minister of Finance, told a press conference on February 22.

    China’s total tax and fee cuts last year amounted to nearly 1.1 trillion yuan ($173.3 billion), official data showed. SMEs benefited the most from the efforts, according to Yu.

    This year, small enterprises in the manufacturing sector will enjoy deferrals on all of their domestic value-added tax and income tax while medium-sized enterprises enjoy a 50-percent tax

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