"China should strive to make major breakthroughs in basic science and technology as well as original innovations," said Zhang Xiaoqiang, executive deputy head of the China Center for International Economic Exchanges, a government think tank.
BUSINESS BURDENS DOWN
Tax reduction has been a viable option to stimulate businesses when economic growth slows.
More than 1 trillion yuan was saved for Chinese businesses from May 2016 to September 2017 due to the implementation of value-added tax, the most significant tax overhaul for two decades.
The tax reduction was only part of a bigger burden-relief plan for businesses, which will be a major task of supply-side structural reform in 2018.
Business burdens will be reduced through fewer government-imposed transaction costs and administrative charges, according to the recent economic work conference. Energy and logistics spending will decline through reforms in the power, oil and natural gas, and railway sectors.
The government has also promised to continue cutting red tape and giving full play to the market. In the first three quarters, the number of businesses registered each day stood at 16,500, up from 15,000 in 2016.
"For higher economic quality and efficiency, China needs to motivate people to innovate, create new things and set up businesses," said Wang Jun, an economist with Zhongyuan Bank.
【国内英语资讯:Economic Watch: Supply-side structural reform gears up for high-quality development】相关文章:
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