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Chinese economy benefits from reforms

The Chinese economy grew at a faster-than-expected pace in the first quarter of 2017, official data released on Monday showed.

China’s National Bureau of Statistics said the economy, as measured by gross domestic product (GDP) expanded by 6.9 percent. The government’s full year GDP growth target is 6.5 percent.

The expansion in January to March came amid significant structural reforms implemented by the government.

Last year, the government slashed taxes on Chinese companies. Other financial perks were also rolled out.

“The benefit of tax cuts for our company is noticeable. Our subsidiaries in Zhejiang province alone paid only 3 million yuan ($440,000) tax revenue for the first quarter of 2017, down almost 70 percent from same period last year,” said Zong Qinghou, chairman of Wahaha group. “The government also got rid of all the hydraulic funds we have to pay on a yearly basis. That’s 22 million yuan ($3.2 million), another heavy load off our back.”