China will cut taxes and fees on a greater scale this year, while focusing on supporting the nation's tech development, Finance Minister Liu Kun said Tuesday.
During Tuesday's press conference, finance ministry officials also emphasized more support for small businesses, timely pension payments to retirees and greater transfer of payments from the central government to local governments. The first fiscal policy task is to cut taxes and fees by a greater scale than last year, Liu told reporters at a press conference, without specifying a figure. Those reductions totaled 1.1 trillion yuan in 2021.
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