(Yicai Global) Sept. 25 -- China slashed its April-June VAT by CNY318.5 billion (USD48.2 billion) in a 22.5 percent tax reduction rate, a report Shanghai University of Finance and Economics released on its website yesterday shows.

The new tax decrease is CNY111.3 billion, following a CNY110.5 billion drop in May and a CNY96.7 billion one in June.

Editor: Ben Armour