On 5 March 2019, Mr. Li Keqiang, the Premier declared that the Chinese government is planning to reduce CNT 2 trillion in taxes and fees for companies during 2019. He also included that the government is planning to reduce Value Added Tax (VAT) rates for certain sectors, including a reduction in the rate from 16% to 13% for the manufacturing sector and from 10% to 9% for the transport and construction sectors.