BEIJING, March 24 -- China's State Council has confirmed the key tasks that are to be accomplished this year and assigned them to responsible departments, according to a State Council executive meeting chaired by Premier Li Qiang on Friday.
The meeting decided to continue and optimize certain tax relief policies, passed a work plan on agriculture, rural areas and farmers, and heard a report on the consolidation of the results of poverty alleviation work.
The meeting called on responsible government bodies to address the 103 tasks with detailed policies and concrete moves.
They should also conduct in-depth research, and adjust policies based on the realities at the primary level in a timely manner, the meeting said.
To strengthen confidence in economic growth, the country will continue or upgrade a series of tax and fee cuts, which are expected to total over 480 billion yuan (about 70.2 billion U.S. dollars) annually as long as they are effective, according to the meeting.
For example, China will allow eligible firms to deduct twice the sum of their R&D costs from taxable income rather than 175 percent, making the once temporary tax-relief policy a long-term institutional arrangement. It will also extend the zero tariffs on coal imports by the end of this year.
The meeting also urged efforts to provide solid and detailed support for grain production to ensure it tops 650 billion kilograms annually. In advancing rural revitalization, rural industries with local characteristics should be fostered to create more channels to increase rural incomes.
To consolidate the results of its poverty alleviation campaign, China will work to prevent a large-scale return to poverty. It will plan and implement fiscal supports, project arrangements and assistance policies in a development-oriented manner, the meeting said.
