This undated photo captures a worker checking the operation of a carbon fiber production line at a factory in Lianyungang, Jiangsu province. (GENG YUHE / FOR CHINA DAILY)
BEIJING – China will defer tax payment for small and medium-sized enterprises (SMEs) in the manufacturing sector to ease the impact of rising costs, a State Council executive meeting decided on Wednesday.
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The decision would in effect defer around 200 billion yuan (US$31.32 billion) of tax payment for manufacturing SMEs, the meeting said.
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The meeting also decided to defer tax payment of around 17 billion yuan for coal-fired power companies and heating firms to ease their operating difficulties.