China’s Tax and Administrative Fee Cuts Exceeded 2 Trillion Yuan in 2019
The Chinese government has hailed its sizeable reduction in tax and administrative fees in 2019 as a significant driver of economic growth.
Figures from the State Taxation Administration (STA) indicate that the full year tax and administrative fee reduction for 2019 exceeded 2 trillion yuan (approximately USD$287.92 billion).
According to STA this sum exceeded 2% of China’s GDP, and drove full year GDP growth of 0.8 percentage points.
Full year tax and fee revenues for 2019 in China were 18.3 trillion yuan, of which of tax revenues were 14 trillion yuan, for YoY growth of 1.8%, while total export tax rebates were 1.574 trillion yuan, for YoY growth of 4.8%.