10. Minimum income tax threshold raised

China's top legislature adopted an amendment to the Individual Income Tax Law on Aug. 31, raising the minimum threshold for paying personal income tax to 5,000 yuan per month. It was the seventh amendment to the law since it was passed in 1980, with the last revision made seven years ago.

It has reduced tax burden for all taxpayers, especially low- and middle-income earners. The newly amended individual income tax law will increase people’s income and their consumption power.