Looking back on 2022, to cope with Covid-19, geopolitical conflicts, and the challenges brought by the global economic downturn, China has strengthened the cross-cyclical and counter-cyclical adjustment of macro policies and introduced a series of fiscal and tax-favorable policies. China's government has released combined tax-favorable policies, such as national-wide VAT refund and R&D super-deduction policies to promote economic recovery.

Please download 2023 Tax Bulletin Issue 1 to learn more.