Economic Watch: China's VAT reform restructures economy, encourages entrepreneurship
BEIJING, Sept. 20 (Xinhua) -- China's value-added tax (VAT) reform, a key part of supply-side economic reform, has given impetus to economic growth and boosted entrepreneurship.
The VAT reform, which replaced all business taxes with value-added tax, was first piloted in Shanghai in 2012. It was expanded nationwide from May 1, 2016, with construction, real estate, financial and consumer