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Purchased services are deductible under the VAT scheme, which encourages firms to outsource more services rather than adopt a do-it-all business model, according to a report by China International Capital Corp. Ltd., an investment bank.

The VAT reform is the most significant step taken in reducing taxes in recent years. Premier Li told the national legislature in March that the government will ensure that tax burdens on all industries are reduced.

For his part, Kerry said that the U.S.-China relations are among the world's most important bilateral ties, and that both countries have played vital roles in achieving the final adoption of the Paris Agreement.

Speaking highly of the rapid development of bilateral cooperation in areas including economy and trade, investment and finance in recent years, Schneider-Ammann said Switzerland is satisfied with the implementation of the FTA and glad that bilateral cooperation has entered a new era of innovative strategic partnership.

BEIJING, April 16 (Xinhua) -- China's ministries on Saturday unveiled general plans to help people laid off from the steel and coal industries, which are in the midst of overcapacity cut.