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Cuts in taxes and fees to revitalize manufacturing industries: Nan Cunhui

China's private enterprises, growing up from scratch with the support of the reform and opening-up policy, have become the main force in the economy and contributed to the country's tax revenue, GDP, innovative achievements and employment, said Nan Cunhui, member of the Standing Committee of the CPPCC National Committee. 

Nan also said over the past 40 years, there has come a new era of high-quality development, in which all industries, including private enterprises, are facing consumption upgrading and professional upgrading.

"Currently, there are problems as some products are not competitive or the passion for innovation has slowed down. So in the past year, some private enterprises faced problems and some encountered problems brought by the policy transformation," Nan, who is also chairman and founder of Chint Group, China's leading industrial electrical equipment and new energy enterprise in the private sector, said.

"In the Government Work Report, Premier Li Keqiang proposed that the value-added tax rate for the manufacturing industry will be lowered to 13 percent from 16 percent, which is great news for all manufacturing industries, including private enterprises," Nan said.

"Reductions in taxes and fees will increase enterprises' cash flow and profits, which will make the capital market pay more attention to manufacturing industry, and then bring about a very good expectation for private enterprises, especially manufacturing industry, and promote companies to continue to invest in innovation and then promote high-quality development."

Nan said he believes that under the guidance of the Party and the government's policy of slashing taxes and fees, the high-quality development of private enterprises will have a very good expectation.

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