China adds over 2.2 trillion yuan in tax and fee cuts, refunds, deferrals in 2023

China's newly implemented tax refunds, as well as tax and fee cuts and deferrals, exceeded 2.2 trillion yuan (US$309.1 billion) in 2023, according to Rao Lixin, deputy commissioner of the State Taxation Administration. This has helped buoy market expectations and improve market confidence and vitality, he said at a press conference Thursday.