According to Prmier LI Keqiang’s talk at the 13. National People’s Congress on March 5, innovation will continue to be a key priority for China, with further efforts to boost the role of enterprises through tax deductions and bringing them together with research institutes, universities and end-users. To this end, an extra tax deduction of 75 percent on enterprises’ research and development costs will be granted, and raised to 100 percent for manufacturing enterprises. The country will also encourage opening up and international cooperation in science and technology. The development of 5G networks and 1000M fiber optic networks will be stepped up and their application will be applied in more scenarios.
CGNT news, March 5, 2021
5-3 China announces massive tax cuts on R&D cost