Tax and fee cuts bolster companies' R&D, innovations

China's tax and fee cuts last year were worth more than 2.2 trillion yuan ($305 billion).

Tax deductions extended to companies' research and development expenses rose significantly, said the State Taxation Administration on Thursday.

These measures are believed to have greatly boosted companies' confidence to spend more on technological innovations. This, in turn, will inject greater vitality into corporate development as well as economic growth, said industry experts.