China initiated the Value-Added Tax (VAT) reform on May 1, 2016, which replaced Business Tax (BT) with VAT in an effort to reduce the burden of taxpayers and benefit enterprises and industries. China primarily levied VAT on the goods sector and BT on the service sector. With the VAT system, the...

As China’s new leaders, Premier Li Keqiang and President Xi Jinping succeeded the Hu Jintao and Wen Jiabao at the end of 2012, ‘Urbanization’ was announced officially as a major mission in several important meetings for politics and economy. It has become known that the NDRC, National...