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We will actively promote reforms of the fiscal and financial systems. For example, business tax will be replaced with VAT in all sectors, a major step of structural reform that will save businesses more than RMB500 billion in tax. This will not only help us form a consistent tax system and eliminate double taxation. More importantly, it will strongly boost the development of the service industry, especially high-end services, such as R&D, and support the transformation and upgrading of the manufacturing sector. Most enterprises will benefit from the tax reduction to varying degrees, and small and micro businesses will see their tax burden significantly lightened. In times of fiscal difficulties, the government is doing this to release more water to nourish the fish in the pond, i.e. to generate continued momentum of growth with a short-term drop in fiscal revenue. It is also indicative of the room for fiscal flexibility left at our disposal. Let me give you another example. For reforms in the financial sector, we can explore market-based approaches for debt-for-equity swap to help lower corporate leverage ratio.
The presidium approved to distribute the revised version of the draft charity law to the NPC delegations for further review.
Relations between China and Russia are mature and stable and the two sides have a strong desire to strengthen win-win cooperation, Wang said.
Noponen believes the new five-year plan for China's socioeconomic development in the 2016-2020 period will lead to higher demand for energy efficiency, a situation the companies like Enersize can continue to benefit from.
Hong added that the State Department said there was no plan recently for an arms sale nor did it issue any relevant statement.
来源：资阳报