China to step up tax, fee reduction policies to support innovation

BEIJING -- China will improve the implementation of its tax and fee reduction policies further to support scientific and technological innovation, according to the State Taxation Administration.

The policy incentive of increasing additional tax deductions for research and development expenses should continue as a long-term institutional arrangement, administration official Wang Shiyu said in an interview with Xinhua.

Preferential tax and fee policies should be leveraged to encourage enterprises to double down on independent innovation, Wang said.

Efforts should also be made to explore preferential tax and fee policies to support the application of sci-tech achievements and improve the related policy environment, he said.