China to offer more tax cuts, expand financing channel, increase use of high-tech to achieve high-quality development of manufacturing sector

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The Chinese government are offering more tax cuts for research and development in the manufacturing sector and calling for expansion of financing channels and increased use of emerging technologies to achieve high-quality development of the smart manufacturing sector.

China will increase the tax deduction on manufacturers’ R&D spending to 100 per cent from 75 per cent retrospectively from January 1, said an executive meeting of the State Council, the country’s cabinet, on Wednesday.

The change could result in an additional tax cut of 80 billion yuan in 2021 on top of . . .

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