{调取该文章的TAG关键词}|Chinese Premier Sees Economic Growth Goal as Realistic( 二 )
Hefty Tax Cuts in 2022Li said tax and fee cuts are most effective among all measures to stimulate the economy. He recalled talking to a dozen of entrepreneurs in eastern China last year. They said they had difficulties in business operations and wished the government would unveil more supportive policies. He told them that the central government has a war chest but it needs to be used collectively. “We have three options but you have to pick one. The first is to invest heavily and you may get orders from the government. The second is to hand out coupons to consumers, which will stimulate consumption directly. The third is to reduce corporate taxes and fees, stabilize employment rates and promote investments and consumption. They were silent for a while and then answered almost simultaneously that they prefer the third option,” Li said during the press conference.
“Based on the reports I’ve received this year, businessmen generally see tax cuts as their first choice. Fertilizers should be placed to the roots of a tree. If the roots are strong, the tree would have lush green foliage,” he explained by using a metaphor.
Li said some worry that tax cuts would not be as effective in the past few years because of marginal effect. He emphasized that tax cuts and tax rebates will be implemented at the same time in 2022 and the total amount would be RMB2.5 trillion. In 2020, the toughest year in decades, China survived economic difficulties thanks to tax slashes. This year, China will prioritize VAT rebates, which will total RMB1.5 trillion.
China will rebate tax money to micro and small enterprises first because they employ a vast majority of workers. Now it is their toughest time of a year and China will try to refund withholding taxes to them completely by late June. The rebate of withholding taxes to manufacturing companies must be completed by the end of this year.
Li, who became Chinese Premier in March 2013, confirmed that this year marked the last time for him to give a press conference as head of the government. He will step down next year at the end of his second five-year term. He reiterated the fundamental principles of his government – economic development coupled with the promotion of the people’s welfare and social development.
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