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China plans to reduce the tax burden and social insurance contributions of enterprises by nearly 2 trillion yuan (8.4 billion) this year, higher than the 1.3 trillion yuan of tax and fee cuts on enterprises and individuals last year, according to the Government Work Report delivered on Tuesday.
China vowed to keep its prudent monetary policy "neither too tight nor too loose" and make counter-cyclical adjustments in a timely and moderate manner. The central bank said in its second-quarter monetary policy report that the country will not resort to flood-like stimulus policies.
China will adopt a prudent and neutral monetary policy and a proactive fiscal policy this year, according to the central economic work conference in December.
China must speed up replacing old growth drivers with new ones to transform and upgrade the economy, said Premier Li, citing a challenging world economic recovery and relatively heavy downward pressure in the domestic economy.
China saw its passenger vehicles sales slump 7.4 percent to 1.76 million units last month, extending the loss in July, data from the China Passenger Car Association showed on Monday.
来源：资阳报