Chinese Vice Premier Li Keqiang (back, C) speaks at a symposium on expanding the trials of replacing turnover tax with the value-added tax, in Beijing, capital of China, Oct. 18, 2012. (Xinhua/Zhang Duo) Chinese Vice Premier Li Keqiang has urged more taxation reforms and structural tax cuts to boost industrial upgrading and the transformation of the economic growth pattern.
The adjustment in taxation is an important part of the country's fiscal reform and a key measure to stabilize growth and adjust economic structure, and the government should accelerate the promotion of such measures to benefit more enterprises, Li said.
The move was not a simple adjustment but a notable systematic innovation, said Li. It aimed to realize fair taxation on goods and services to promote the upgrading of the manufacturing sector and the development of services.
The move is key for boosting the development of small and mid-sized firms, he said. It helped trim tax burdens for small taxpayers by an average of 40 percent during trials.