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GTAP Resource #5377

"The effects of the full implementation of "Business Tax to VAT" reform in China"
by Songfeng, Cai, Yaxiong Zhang and Zhongyu Ma

On May 1, 2016, "Business Tax to VAT" reform was fully implemented in construction, real estate, finance and life service in China. This is the important measures to promote structural reform, especially the supply-side structural reforms, which promote the development of service industry, also can reduce manufacturing cost, promote the adjustment of industrial structure and specialized division of labor and inspire the enterprise innovation vitality. In this paper, we use a general equilibrium model (SICGE model) developed by Chinese state information center to quantitative analyze the effects on the macro economy and various industries of the full implementation of "Business Tax to VAT" reform. It turns out that the "Business Tax to VAT" reform increase the level of employment in the short term, which can make the GDP increased by 0.9%, and improve investment returns in the long term, the capital stock can be increased so as to further enhance the sustainability of economic growth. Full implementation of “Business Tax to VAT” reform at the same time promotes the adjustment of industry structure.

Resource Details (Export Citation) GTAP Keywords
Category: Other CGE Application
Status: Not published
Date: 2017
Created: Songfeng, C. (4/15/2017)
Updated: Batta, G. (5/30/2017)
Visits: 843
- Dynamic modeling
- Economic development
- Economic growth
- Asia (East)

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