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China's newly-introduced tax cuts and fee reductions have saved businesses 1.17 trillion yuan in the first half of this year, the STA said. The private sector has gained the most from the reforms, with 671.2 billion yuan of taxes reduced during the first six months.
China's major industrial firms saw strong profit growth and a decreasing debt ratio in 2017, amid an improving economy, deepening reform, and the government's ongoing deleveraging efforts.
China's economy expanded at an average rate of 9.5 percent over the last 40 years, far beyond the world economy's 2.9 percent in the same period. And its GDP rose from 367.9 billion yuan in 1978 to 82.71 trillion yuan in 2017.
China's nonfinancial ODI in projects in 56 Belt and Road economies totaled .64 billion last year, up 8.9 percent year-on-year.
China's ferrous metal industry is set to post a strong performance in the first half of the year on the back of government measures to cut overcapacity and optimize the industry's structure, experts said.