China’s legislative process continues to evolve, particularly after the 2018 National People’s Congress (NPC), which launched a mass government restructuring and strengthened the role of the Chinese Communist Party (CPP) in the constitution.
China Market Intelligence
At last year’s National People’s Congress (NPC), China launched a massive government restructuring to streamline policymaking and enforcement. Throughout the months-long reorganization process, the government continued to move ahead with policy reforms in some areas, while other regulations on the NPC 2018 work plan were not addressed.
This year’s National People’s Congress (NPC) which took place March 5-15 included a few key announcements that may provide a window into the business environment in the coming year.
Premier Li Keqiang announced that China will reduce the value-added tax (VAT) rate in manufacturing, construction, and transportation and increase spending on infrastructure. The move will benefit both domestic and foreign businesses operating in China.