As the highlight of this year's supply-side structural reforms, recently, the VAT reform has handed over a dazzling data. The Vice Minister of Finance Shi Yaobin said at a press conference of the State Council Information Office that the cumulative tax cuts from January to October were 371.7 billion yuan. Based on this calculation, the annual tax cut is expected to exceed 500 billion yuan.
At present, my country's industrial growth is facing downward pressure and deep-seated structural contradictions. At the same time, there are new opportunities brought about by deepening reforms, expanding opening up, and a new round of scientific and technological revolution and industrial transformation.