The total value of China’s tax cuts this year was expected to exceed 1.3 trillion yuan ($189.28 billion), higher than the target set earlier this year, the nation’s finance minister said in an interview with state media China Daily, Reuters reports.
China is studying measures to further cut taxes and reduce fees, as part of its fiscal measures to ease economic headwinds amid the Sino-U.S. trade tensions, Finance Minister Liu Kun said.
Liu said China’s total cuts in taxes and fees would be more than 1.1 trillion yuan this year.