On July 28, during the press conference held by the State Council Information Office, the State Taxation Administration revealed that from 2021 to the first half of this year, the cumulative new tax cuts and fee reductions nationwide totaled 9.9 trillion yuan. It is anticipated that this figure will reach 10.5 trillion yuan by the end of the year, marking an average annual increase of over 2 trillion yuan. These substantial tax cuts and fee reductions have served as a powerful catalyst for China's high-quality development.