Yu Zhengsheng, chairman of the National Committee of the Chinese People's Political Consultative Conference, presides over a bi-weekly consultation session in Beijing, capital of China, Aug. 24, 2017. (Xinhua/Ding Haitao)
China's top political advisors met Thursday to discuss the reform that has replaced business tax with value-added tax (VAT).
The meeting, a bi-weekly consultation session, was chaired by Yu Zhengsheng, chairman of the National Committee of the Chinese People's Political Consultative Conference.
Political advisors said the VAT reform was an important measure that China has taken to push the supply-side structural reform and reform of its fiscal and tax system.
It has provided strong support for current economic development and will help the economy to maintain medium-high speed growth and achieve a medium-high level of development, they said.
The advisors put forward proposals including measures to improve VAT reform in the financial sector to lower enterprises' financing costs, crack down on illegal practices and lower the overall tax burden.
The seminars are used by top political advisors to study major issues with experts and officials.