MNI POLICY: China 2019 Tax and Fee Cuts May Total CNY2.3 Tln

     BEIJING (MNI) - China's large-scale tax and fee cuts this year are expected

to top CNY2.3 trillion, said Minister of Finance Liu Kun, at a forum jointly

held by the ministry, Beijing municipal government and the World Bank on Friday.

     Here are main takeaways from speeches by Liu and Yin Yong, a deputy mayor

of Beijing. 

     - The finance ministry will more efficiently implement tax cuts by closely

monitoring changes of companies' tax burdens and evaluate relevant policies, Liu

said. 

     - Local governments should launch targeted and suitable measures to improve

business environment and ensure companies benefit from the reform, Liu said.

     - China will further optimize its business environment to better compete

internationally. FDI into China reached CNY683.2 billion this year with over

30,000 new foreign companies entered. China's business environment now ranks 31

in the world from 46 last year according to the World Bank, Liu added.

     - Beijing has implemented tax and fee cuts that reached CNY136.8billion in

the first eight months. It will widen opening up, establish a social credit

system and provide a legal and friendly environment suitable for foreign

investors, Yin said.

--MNI Beijing Bureau; +86 (10) 8532 5998; email: marissa.wang@marketnews.com

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