China's tax and fee cuts, refunds, deferrals top 4.2 trillion yuan in 2022

China's tax refunds, and tax and fee cuts and deferrals, exceeded 4.2 trillion yuan (US$608.7 billion) in 2022, including a record 2.46 trillion-yuan worth of VAT credit refunds. The tax and fee policies have helped to ease the burdens of market entities.