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Chinese Finance Minister Xiao Jie laid out plans on March 7 to lighten the tax burden on businesses. (Photo by Akira Kodaka)

China promises $50bn in fresh corporate tax breaks

New measures aim to lighten load on manufacturers, small businesses

ISSAKU HARADA, Nikkei staff writer | China

BEIJING -- Chinese Finance Minister Xiao Jie is promising 350 billion yuan ($50.7 billion) in corporate tax breaks this year, aiming to stimulate the economy and keep companies frustrated with heavy taxation from seeking greener pastures overseas.

The measures, targeting mainly manufacturers and small businesses, come on top of a tax overhaul that saved companies 570 billion yuan last year. "The goal is to further lighten the burden on companies," Xiao said in his first news conference since his appointment as minister last fall.

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