The cost of the fourth phase in the project is expected to reach about 7 billion yuan ( billion), He said.
The country's VAT reform, which is seen as a key part of supply-side structural reform efforts, was first piloted in Shanghai in 2012 and was then expanded nationwide from May 1, 2016. During that period, nearly 2 trillion yuan of tax has been cut, according to data from the Ministry of Finance.
The costs for mass entrepreneurship and innovation should be lowered via more streamlined administration while implementation of tax incentives for research and development will be accelerated, according to the meeting.
The country recycled 895,000 cars and 170,000 motorcycles during the period, up 25.9 percent and 8.6 percent respectively, according to a statement on the ministry's website.
The country will improve the transmission mechanism of monetary policy, strengthen the management of refinancing and cut targeted reserve requirement ratio for inclusive financing, according to a guideline issued by the People's Bank of China Wednesday.
The country has sufficient policy tools to tackle economic challenges amid the pandemic, and the fiscal and financial system is generally stable, Yang Weimin, a member of the 13th National Committee of the Chinese People's Political Consultative Conference, said in a speech on Sunday.
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The country has already overtaken many of its global rivals in two sectors: offshore engineering products and mega container vessel shipbuilding, they said.
The country will make further use of technologies including artificial intelligence and Building Information Modeling, a digital tool for construction projects while adopting a more precise approach to the design, construction, maintenance and operation of infrastructures, said a guideline issued by the MOT.
The conversation with Merkel was productive, Xi told reporters afterward, noting that he had reached many new points of agreement with the German leader on such issues as enhancing political trust, boosting pragmatic cooperation and strengthening collaboration on global affairs.
The cooperation at this Mediterranean port reflects the mission of the China-proposed Belt and Road Inititative.