Chinese government plans new tax cuts to reduce the burden on businesses, support innovation and stabilize¹ growth.

我国政府计划通过新一轮降税减轻企业负担、支持创新和稳定增长。

Tax cuts were approved last Wednesday at a State Council executive meeting presided over by Premier² Li Keqiang, after the government announced measures to reduce business costs in the first quarter.

继一季度政府出台降低企业成本的措施后，上周三，国务院总理李克强主持召开的国务院常务会议通过了减税措施。

Value-added tax will be simplified, more small and micro companies will enjoy income tax incentives³, and proportion of pre-tax deductions⁴ for innovation-based tech companies will rise, according to a statement made public after the meeting.

根据会后公布的声明，增值税将得以简化，更多小微企业将享受所得税优惠，创新科技企业的税前加计扣除比例将提高。

A government work report released in March promised around 350 billion yuan of cuts to corporate⁵ taxes and business fees cut by around 200 billion yuan in 2017.

3月发布的政府工作报告承诺，2017年我国将减轻企业税负约3500亿元、涉企收费约2000亿元。

After the new measures become effective, the total tax reduction will amount to more than 380 billion yuan this year, the statement said.

声明称，这些新措施实施后，今年我国减税总规模将超过3800亿元。