China to cut taxes, fees for manufacturers in 2019

Friday, 11 January 2019 00:00 - - {{hitsCtrl.values.hits}}

BEIJING, REUTERS: China will cut taxes and fees for manufacturers in 2019 to support their sector, state television quoted the Industry Minister Miao Wei as saying yesterday.

China's Minister of Industry and Information Technology Miao Wei speaks at the annual session of China Development Forum (CDF) 2018 at the Diaoyutai State Guesthouse in Beijing, China

- Reuters

Leaders have pledged to cut taxes more aggressively this year to support a slowing economy, amid a trade dispute with the United States.

“In future, there will be more measures to reduce taxes for the manufacturing sector,” Wei was quoted by state television as saying.

The Government will reduce administrative fees and transaction costs for industrial enterprises, and promote supply-side structural reform to reduce excess capacity, while promoting new sectors such as new energy vehicles and driverless cars, he said.

The commercial use of 5G technology would be promoted this year, allowing some regions to issue temporary 5G licenses, paving the way for launching 5G mobile phones and iPads later this year, Wei said.