China to cut taxes, fees for manufacturers in 2019


Reuters

Automotive News | 2019-1-11

BEIJING -- China will cut taxes and fees paid by manufacturers in 2019 to support numerous industrial sectors, including the auto industry, state TV quoted the industry minister as saying on Thursday.

Government leaders have pledged to cut taxes more aggressively this year to support a slowing economy, amid a trade dispute with the United States.

"In future, there will be more measures to reduce taxes for the manufacturing sector," Miao Wei was quoted by state TV as saying.

The government will reduce administrative fees and transaction costs for industrial enterprises, and promote supply-side structural reform to reduce excess capacity, while promoting new sectors, such as new energy vehicles and driverless cars, he said.

The commercial use of 5G technology will also be promoted this year, allowing some regions to issue temporary 5G licenses, paving the way for launching 5G mobile phones and iPads later this year, Miao said.




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