Li pledges to cut taxes and aid business

Premier Li Keqiang is on a pro-business crusade. Yesterday we reported that he called for special economic zones to speed up innovation, while Beijing’s support would be increased for them. Today we see from Xinhua that the premier has pledged more aggressive action on tax cuts and other regulatory streamlining that will help boost companies – especially those in the private sector.

Altogether, this is more music to the ears of cities and companies operating in the GBA. This is the region of China where private-sector participation in the economy is highest. Tax cuts are always top of the wish list for companies here – at least when their opinions are solicited by government and reported by local surveys that somehow make their way into state-run media.

Speaking at a symposium, Li “urged efforts to ensure the tax burden for all industries is lowered and micro and small enterprises should see a substantive reduction of their tax burden,” Xinhua reported.

Measures, including stricter market supervision, will be taken to guarantee the effects of tax and fee cuts.

Guess who else attended the symposium? Vice Premier Han Zheng, who also chairs the Leading Group on GBA affairs.