The Chinese Ministry of Finance has just wrapped up a press conference in Beijing, briefing the media on the government's financial plans and work. Finance Minister Xiao Jie and two other vice ministers, took questions from the media. The minister said China has slashed taxes and fees amounting to 3 trillion yuan over the past 5 years. And it was announced that for 2018, the government will further lighten the tax burden on businesses, prioritizing the manufacturing and transportation sectors.

With an increase of fiscal expenditure, the officials said China will further improve the efficiency of government funding, to make sure money is used in worthwhile ways. The Ministry also took questions on issues such as real estate tax, and targeted poverty reduction.