BizChina

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.

Uxin's CMO - Wang Xin.

Uxin Ltd, the Nasdaq-listed and largest used car e-commerce platform in China, and Taobao, the flagship e-commerce platform of the Chinese technology giant Alibaba Group, announced a strategic partnership on December 6 to foster further growth and expand service opportunities for used car e-commerce in China.

The two companies will set up an online used car shopping mall on Taobao Marketplace. At the initial stage, the two companies will provide services ranging from intelligent listing, displaying and matching, to one-stop transaction solutions. They will also provide videos and VR car viewing experience so that consumers can gain a comprehensive understanding of the car's condition.

Transactions between Chinese exporters and buyers from the United States during China’s largest trade event dropped sharply, mainly due to the trade conflicts between the two economic powers.

“The ongoing trade conflicts posed impacts on US buyers, bringing uncertainties to the international trade market,” said Xu Bing, spokesman of the China Import and Export Fair.

Chinese authorities have decided to renew efforts to assist private companies facing financing difficulties, given the importance of those firms to the economy and the job market. 

The private sector plays an important role in China's economy, contributing more than 50 percent of tax revenue, 60 percent of GDP, 70 percent of technological innovation, 80 percent of urban employment and 90 percent of new jobs and new firms. 

Answering questions about economic and financial issues, Vice Premier Liu He on Friday reiterated China's basic economic system and the crucial role of the private sector.