China to adjust personal income tax, develop new economic powerhouse

An executive meeting of China's State Council, approved Wednesday the draft plan to amend the personal income tax law and a plan to accelerate development of the Chengdu-Chongqing economic zone.

The draft plan, aimed at benefiting middle and low-income groups, will be submitted to the Standing Committee of the National People's Congress, according to a document released after the meeting, which was presided over by Premier Wen Jiabao.

The document said that by 2015, the Chengdu-Chongqing economic zone will become an important economic powerhouse and a national industrial base.

Source: Xinhua March-3-2011

http://www.npc.gov.cn/englishnpc/news/Legislation/2011-03/03/content_1630659.htm