China's State Taxation Administration said tax cuts, fee reductions and refunds
tied to urban renewal totaled 487.0 bln yuan in 1H. Measures included 209.8 bln
yuan for housing support—VAT and deed tax exemptions for public rental housing
and continuation of personal income tax relief related to residents' replacement
home purchases to meet rigid and improving housing demand. Support for green,
low-carbon city construction accounted for 168.4 bln yuan, including partial
corporate income tax offsets for investments in environmental protection,
energy- and water-saving and safety equipment, and vehicle purchase tax
exemptions for urban public transport companies buying buses and electric
vehicles.
