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In the first 11 months of 2019, Southwest China's Chongqing municipality reduced 61.68 billion yuan ($8.87 billion) in tax and fees to support real economy development, according to local officials.

They said the reductions benefited over 1 million business entities and millions of individuals in Chongqing, especially small and medium-sized private companies involved in the manufacturing and services industries.

With the reduction of endowments and medical and unemployment insurance, Chongqing saved 27.8 billion yuan in fees during the period, which helped cut labor costs and stabilized employment expectations in the city.

Officials said the non-State-owned sector benefited the most from the reduction in taxes and fees. Statistics showed that private taxpayers saved 21.18 billion yuan in tax, accounting for 62.52 percent of the total tax reduction.