China's slashing of taxes and fees has made a splash among businesses and individuals.

In the past three quarters, the world's most populous country saved each individual an average of 1,764 yuan, or 250 U.S. dollars. On top of that, there were additional savings of 183 billion yuan for small and micro enterprises, and 1.7 trillion yuan in total tax cuts, according to the country's taxation authority.

"Cutting taxes and administrative fees on a bigger scale this year has significantly reduced taxes, while giving growing zest to the economic stability and innovation," Cai Zili, deputy director of the Tax Reduction Office, said on Wednesday at the press conference of the State Administration of Taxation.

The World Bank in its latest report "Doing Business 2020" lifts China's taxation performance up nine rankings after two consecutive climbs, citing the country's effort in taxes and fees reduction as one of the major reasons behind the jumps.

The agency also recognized China's improving environment for businesses.

In fact, "cut taxes and administrative fees" was listed among China's top 10 economic buzzwords in 2018, a core part of China's commitment to its tax reform over the years.

Beijing began a massive overhaul of its tax system in 2012 by introducing the business tax (BT)-to-value-added tax (VAT) initiative.

As of May 2016, the VAT had taken over almost all of the BT's various functions, and is now effectively China's only form of consumption tax.

Fu Shulin, spokesperson for the taxation administration, said the ensuing reform to resource taxes, environmental taxes, and individual income tax since then has been a substantial contributor to economic growth.

"The reform to these taxes has resulted in a green tax with an optimized structure, lower tax burdens, and higher quality economy," Fu said.

Last year, China laid out reforms to integrate national and local taxation systems, which had been separate for 24 years. "Taxpayers and enterprises found it more convenient when there was no need to go into overlapped documents," Fu added.

That also echoes the tax structural issue facing the leadership of the Communist Party of China, some of whom are gathering in Beijing this week to create a clearer vision for the next step. A more efficient financial expenditure and further optimizing the tax structure are high on the agenda.

It won't come easily at a time when China itself is faced with downward pressure at home and ongoing trade frictions with the U.S., but seeking international cooperation is widely believed to be Beijing's way out for its many pressing economic issues, including tax reform.

"Chinese taxation agencies have been promoting cooperation mechanisms for tax collection and management among Belt and Road states," Fu said, adding that China has been providing taxation training for some other developing countries, which also facilitates its wider opening-up and business environment for foreign investment.

He stressed that China's performance in tax reform and cooperation with taxation communities have no doubt led it to have the upper hand on the international stage.