BizChina

Chinese and British auto sectors symbolically joined hands on Tuesday as the China Association of Automobile Manufacturers, known as CAAM, and Britain's Society of Motor Manufacturers and Traders, or SMMT, signed a cooperation agreement in London.

China is the world's largest vehicle market and producer, and the United Kingdom is Europe's forth biggest auto manufacturer. The partnership will strengthen ties in manufacturing, connectivity and autonomous vehicles, low and zero emission technology and supply chain including battery research and development.

As China's measures to cut taxes and fees have been running on all cylinders, the country has slashed 893 billion yuan ($129.96 billion) in fiscal revenue from January to May, with 109 million people's salaries free from taxation, data from the State Taxation Administration showed on Thursday.

Compared with the annual target of 2 trillion yuan in reducing tax and fee burdens, the figure in the first five months indicated the task was 44 percent complete, said Zhang Yiqun, an expert in finance and taxation, adding China fares well in large-scale tax cuts and fee reductions and will definitely attain its goal in the end, according to Securities Daily.

Thousands of angry users of bike-sharing giant Ofo have been lining up at its Beijing headquarters over the past few days to seek refunds for deposits paid, as the company faces accusations from netizens and the media that it is dragging its feet on the paybacks.

Once touted as a symbol of China's emerging sharing economy, cash-strapped Ofo is now struggling financially.

China released major reform measures of its individual income tax system over the weekend, a move that analysts expect will ease the burden on taxpayers, boost consumption and stabilize economic growth.

The revised rules of the individual income tax law and special individual income tax deductions will take effect on Jan 1, according to statements from the State Council on Saturday.