Tax reduction is a comprehensive policy that requires gove

nment departments to enhance coordination as they implement various policies, Li said.

The premier attached great importance to such measures as reducing the rate of the value-add

ed tax, increasing the tax exemption for research costs and reforming individual income tax.

The measures should not only ease the tax burden for manufacturing

companies but also reduce taxes for construction enterprises, which provide a great nu

mber of jobs, Li said, adding that all industries should be covered by the benefits of tax cuts.

Li pledged more efforts to urge government departments and State-ow

ned enterprises to pay off their debts so that the effects of tax reduction are not diminished.

The government will take further measures to deepen reform and opening-up, encoura

ge innovation and entrepreneurship and promote fair competition, Li said, adding that co

mpanies should also seize the opportunity to promote high-quality growth.

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