The moderate increase in government deficit is projected primarily to cover tax and fee reductions for enterprises, a step that will further reduce their burdens. The following three measures will be adopted this year. First, business tax will be replaced with VAT in all sectors. Starting from May 1st, the scope of work to pilot this measure will be extended to the construction, real estate, financial, and consumer service industries, and VAT deductions will cover all new immovable property of enterprises to ensure that the tax burdens on all industries are reduced. Second, government-managed funds set up without authorization will be abolished; the collection of contributions to certain government-managed funds will be suspended, and some of these funds will be consolidated; and more enterprises will be exempted from contributing to water conservancy construction funds and other government-managed funds. Third, exemptions from 18 administrative charges which currently apply only to small and micro businesses will be expanded to include all enterprises and individuals. Through the above policies, the burdens on enterprises and individuals will be cut by more than 500 billion yuan this year. At the same time, we will increase government expenditures and investment as appropriate to work on living standards and other areas in need of strengthening. We will develop new ways for government funds to be spent and improve the government spending mix to ensure that all essential items receive sufficient funding, while non-essential items are cut.
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