Tax cuts expected to reach 10.5 trillion yuan in 2021-2025

Mainly focusing on tech innovation and advanced manufacturing, China's tax and fee reductions during the 14th Five-Year Plan period (2021-2025) are expected to hit 10.5 trillion yuan (US$1.46 trillion), bringing tangible benefits to market players and residents and injecting strong momentum into high-quality development, said a senior official of the State Taxation Administration on Monday.