China's private sector benefits from 1.69 trln yuan in tax support in 2023

BEIJING, Jan. 25 (Xinhua) -- Newly implemented tax refunds in China's private economy, as well as new cuts and deferrals of taxes and fees, totaled approximately 1.69 trillion yuan (about 237.88 billion U.S. dollars) in 2023, according to a national conference on taxation that concluded on Thursday.

The figure accounted for 75.7 percent of the country's total tax refunds, tax-and-fee cuts and tax-and-fee deferrals last year, making private-sector taxpayers the biggest beneficiaries of China's tax policies in 2023.

Official data shows that China's newly implemented tax refunds, as well as its new cuts and deferrals of taxes and fees, neared 2.23 trillion yuan in 2023.

The manufacturing sector and related wholesale and retail industries enjoyed 949.53 billion yuan of support from the tax policies, according to Huang Yun, a spokesperson for the State Taxation Administration.

Micro, small and medium-sized enterprises benefited most, saving about 1.43 trillion yuan, or 64 percent of total savings.

Huang said the country's tax departments will improve the quality and efficiency of tax services, help optimize China's business environment and further stimulate market vitality.