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China cut 2.63 trillion yuan ($361 billion) in taxes and fees targeted at technological innovation and high-end manufacturing last year, as the country strives for self-sufficiency in key technologies to maintain its competitive edge amid growing geopolitical and economic pressure. Latest data from the State Taxation Administration, the country's top tax authority, showed that tax breaks for companies' research and development spending and technology transfers totaled 806.9 billion yuan last year. Tax incentives for high-tech enterprises and emerging industries — including a 15 percent corporate income tax rate and exemptions on new energy vehicle purchases — added up to 466.2 billion yuan in 2024. ▲ A technician checks a humanoid robot at a lab in Hefei, Anhui province. Zhang Dagang/For China Daily To tackle bottlenecks in core technologies and attract talent in sectors including integrated circuits, China offered an additional 132.8 billion yuan in value-added tax deductions. N
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