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The income tax will be about 800 yuan, nearly 75 percent lower than the amount of over 3,100 yuan before October.

FURTHER GROWTH EXPECTED

With intensive tax breaks, China is estimated to save a total of 1.3 trillion yuan (nearly 200 billion U.S. dollars) for market entities in 2018, outshining similar moves by any other countries in terms of scale and ratio to GDP.

Addressing the meeting, Wang said the formal launch of the mechanism is an important step taken by the two countries to implement the consensus reached by the leaders of the two countries, an important measure to push forward the development of all-round bilateral ties between the two countries and an important platform to realize revival of the oriental civilizations.

According to the progress update at the Monday meeting, 13.86 million people were lifted out of poverty in 2018, thanks to the dedicated efforts by local authorities and competent departments in implementing the decisions made by the Communist Party of China Central Committee and the State Council.