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During his visits, Liu said promoting development in culture has been a key part in the country's drive of building a moderately prosperous society.
Dear Friends,
China is seeking a balance among cutting overcapacity, boosting growth and steadying employment, and a win-win situation will be achieved to bring about the sound and sustainable development of heavy and petro-chemical sectors while cutting overcapacity, Li added.
On behalf of the Standing Committee of the National People's Congress (NPC), I now present to you this report on the work of the Standing Committee for your deliberation.
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.
来源：资阳报