China will continue value-added tax (VAT) reform to support economic development and restructuring, Premier Li Keqiang has said.

The country looks to push forward supply-side structural reform, deepen reform and opening-up, simplify administrative procedures, cut taxes and administrative fees, and create a business environment that encourages innovation and entrepreneurship, promotes industrial upgrading and ensures fair competition, Li said at a symposium he chaired Wednesday.

VAT, which replaced business taxes, was first piloted in Shanghai in 2012. It was expanded nationwide in May 2016.

The reform has made good progress and saved 1.7 trillion yuan (about 260 billion U.S. dollars) of taxes for business owners, according to a statement released after the symposium.

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