2018: More benefits delivered to the people

To improve the welfare of all is the fundamental purpose of development. In 2018, China rolled out a series of measures to benefit the people and provide a real sense of gain for them.

On Oct. 1, 2018, China introduced new tax brackets which raised the minimum threshold for personal income tax from 3,500 yuan (about $507) to 5,000 yuan per month.

The revised individual income tax law, which will come into effect on Jan.1, 2019, adds special additional deductions to taxable incomes for children's education, continuing education, treatment for serious diseases, caring for the elderly, as well as housing loan interests and rents.