BizChina

As China's measures to cut taxes and fees have been running on all cylinders, the country has slashed 893 billion yuan ($129.96 billion) in fiscal revenue from January to May, with 109 million people's salaries free from taxation, data from the State Taxation Administration showed on Thursday.

Compared with the annual target of 2 trillion yuan in reducing tax and fee burdens, the figure in the first five months indicated the task was 44 percent complete, said Zhang Yiqun, an expert in finance and taxation, adding China fares well in large-scale tax cuts and fee reductions and will definitely attain its goal in the end, according to Securities Daily.

Thousands of angry users of bike-sharing giant Ofo have been lining up at its Beijing headquarters over the past few days to seek refunds for deposits paid, as the company faces accusations from netizens and the media that it is dragging its feet on the paybacks.

Once touted as a symbol of China's emerging sharing economy, cash-strapped Ofo is now struggling financially.

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.