China's tax and fee cuts exceed $137b

China's newly implemented tax refunds, as well as tax and fee cuts and deferrals, exceeded 1.15 trillion yuan ($137 billion) in the first eight months of this year, with 75 percent targeting private enterprises, according to the State Taxation Administration on Wednesday.

Since the beginning of this year, a package of targeted tax and fee reduction policies has been launched intensively, so as to support the development of the real economy and enhance the innovative capabilities of enterprises, the administration said.