China's new tax and fee cut policies saved 1.78 trillion yuan (around 252 billion U.S. dollars) for businesses and individuals in the first three quarters of 2019, official data showed Wednesday.

Among the total reduction, 703.5 billion yuan were saved thanks to value-added tax (VAT) reform.

The manufacturing sector benefited most among all other sectors, or 31.36 percent, from the VAT reduction, saving 473.8 billion yuan.

Tax cuts in China's manufacturing sector not only lower financial burdens and improve the business forecast of the sector itself but also benefit other sectors through the supply chains.

Wednesday's data also showed that policies to reduce tax burdens for small and micro firms led to 182.7 billion yuan of tax cuts in the first three quarters.

Reforms in individual income tax contributed to a new tax reduction of 442.6 billion yuan, or 1,764 yuan per person, in the first three quarters.