China's tax and fee cuts reach 1.97t yuan in Jan-Oct

China's massive tax and fee cut measures saved enterprises and individuals nearly 1.97 trillion yuan (about 280.73 billion) in the first 10 months of the year, an official said on Dec 25.

Entrusted by the State Council, Minister of Finance Liu Kun briefed lawmakers on the tax cuts and fee reduction work at the third plenary meeting of the ongoing bimonthly session of the country's top legislature.

Total tax and fee cuts in the year are expected to reach 2 trillion yuan, accounting for over 2 percent of GDP, Liu said.

The tax and fee cut measures have eased the cost burden on enterprises, offered support to private and small and micro businesses, enabled enterprises to invest more in research and development and boosted personal incomes and capacity for consumption, according to Liu.

Lawmakers will deliberate the report in panel discussions on Dec 26.

The legislative session of the National People's Congress Standing Committee will run until Dec 28.