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A document issued by the State Council said that the country will halve the business income tax for more small and micro-sized firms and extend the policy until the end of 2015. The government will also allow qualified small and medium-sized firms to enjoy favorable import tariffs on products for scientific and technological development purposes.

The report also showed that China has lowered its GDP growth target for 2012 to 7.5 percent after projecting it around 8 percent for seven consecutive years, as China hopes to achieve higher-quality development over a longer period of time.

BRUSSELS, May 30 (Xinhua) -- A senior official with the Communist Party of China (CPC) on Wednesday stressed that China supports Europe's integration process as well as its efforts to deal with the sovereign debt crisis.

The volume of consumer retail sales will surpass 5 trillion U.S. dollars in 2015 amid an accelerated urbanization rate and the rise of people's incomes, Chen said at the opening ceremony of the first Beijing International Fair for Trade in Service.

Earnings per share dropped 27.08 percent year-on-year to 0.148 yuan.