On March 5, Premier Li Keqiang said on behalf of the State Council as a government report that the large-scale tax cuts in manufacturing in 2019 will be the top priority of China's active fiscal policy. The main event is the VAT reform. Specifically, the current 16% VAT rate for the manufacturing industry will be 13%, and the current 10% VAT rate for the transportation, construction and other industries will be 9%. .