China's tax refunds, along with cuts and deferrals of tax and fee payments, will exceed 4 trillion yuan ($573.6 billion) this year, as the country's tax and fee support policies help to stabilize the economy and ease the burden on market entities, an official said Saturday.

This year, approximately 2.4 trillion yuan worth of value-added tax credits will be refunded to taxpayers' accounts, the largest refund in history, Xu Hongcai, vice minister of finance, said at a forum in Beijing.

China has increased tax cuts for micro-, small- and medium-sized enterprises this year, said Xu, adding that businesses' social insurance contributions have also been gradually reduced or postponed.