China’s Commerce Ministry said on Thursday that China would continue trade and economic cooperation with both Russia and Ukraine based on equality, mutual benefit and mutual respect.
In the first two months of this year, the China-Russia trade volume amounted to $26.43 billion, increasing by 38.5 percent year on year, with China’s exports to Russia jumping up by 41.5 percent to $12.62 billion and imports from Russia going up by 35.8 percent to $13.81 billion, data from the General Administration of Customs showed.
China was Russia’s largest trade partner for 12 consecutive years in 2021.
In 2021, Ukraine’s imports grew 34 percent to $72.82 billion and exports rose 38.4 percent to $68.09 billion.
China topped the list of countries importing from Ukraine last year, with goods worth $8 billion, up 12.7 percent year on year. China was also the largest exporter for Ukraine, which imported Chinese goods worth $10.97 billion, an increase of 31.9 percent year on year, Ukrainian media reported, citing data from the State Statistics Service of Ukraine.
China will carry out tax cuts for low-profit small businesses for three years to support their growth, the Ministry of Finance said on Friday.
From Jan. 1, 2022 to Dec. 31, 2024, the part of annual taxable income of low-profit small businesses that exceed 1 million Yuan (158,000 U.S. dollars) but does not exceed 3 million Yuan will be counted as 25 percent of the actual amount at a tax rate of 20 percent, said a circular issued by the ministry and the State Taxation Administration.
Before the announcement, the authorities in March highlighted efforts to reduce six local taxes and two fees for small and micro businesses for three years.
Low-profit small businesses mentioned in this circular refer to legitimate enterprises with annual taxable incomes of less than 3 million Yuan, no more than 300 employees, and total assets of less than 50 million Yuan.
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