As he delivered the Government Work report on March the 5th, Premier Li Keqiang announced new tax cut plans to ensure a reasonable economic growth rate. Since the VAT reform inception in 2012 (seeing business tax replaced with VAT) and its extension to the last four sectors, the tax cuts have been very beneficial to all businesses. The new cuts will most strongly benefit technology companies and small businesses. In the proposed plan there will also be more effort to increase public-private partnership projects.
