The National Development and Reform Commission, together with other central departments, issued a notice on Tuesday to further reduce the cost of operation in the real economy and boost the overall improvement of economic growth.

Sectors dedicated to technological innovation or key industrial chains will enjoy tailor-made tax and fee cutting measures, with the current favorable tax policies being further optimized, the notice said.

For example, small-scale taxpayers with monthly sales of less than 100,000 yuan (about $13,986) will be exempted from value-added tax until the end of 2023. 

The zero-tariff policy will continue to be implemented on coal imports, the notice showed, as one of the measures to ensure stable prices and supply of energy and important raw materials that are essential to the manufacturing sector.

Separately, monetary policy tools will be used comprehensively to maintain reasonable and sufficient liquidity, while maintaining the stability of the renminbi exchange rate. 

For SMEs, financial services will become more inclusive and accessible to strengthen credit support. Local credit reporting platforms will be enhanced to expand the coverage of credit information sharing for SMEs.  

The country will also consistently support enterprises in their transformation, upgrading and cost reduction. The pilot program of SME digital transformation will continue along with the acceleration of scientific and technological adoptions. 

Additionally, the government will improve the layout and construction of national logistics hubs and cold chain logistics bases to build a modern and extensive logistics system. Rail-water combined transportation targets a 15 percent year-on-year increase in the volume of port containers carried in 2023. 

(Source: Xinhua with edits)