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Ningbo tax, fee reduction creates 200,000 new jobs

Ningbo's reduction in taxes and administrative fees in the first half of 2019 totaled 17.67 billion yuan ($2.57 billion), leading to 200,000 new jobs, said local authorities.

The vitality of local market entities has increased thanks to the tax-and-fee reduction. In the first half, there were 61,000 newly registered market entities in the city, up 6.8 percent year-on-year, statistics shows.

Meanwhile, local enterprises' investments in reproduction increased. The research and development expenses of 1,273 local enterprises soared 24.8 percent compared with the previous year.

The value-added tax reduction in Ningbo amounted to 8.17 billion yuan, benefiting local manufacturing industries, including the auto industry.

Small and micro-sized enterprises also benefited from the reduction. The total reduction amount for these enterprises reached 1.68 billion yuan in the first half of this year.

In addition, consumption has been boosted thanks to the reduction in taxes and fees. Consumption among local residents grew over 20 percent in areas such as culture, art and education.