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This paper analyses the macroeconomic effects of China's Tax Cuts and Fee Reduction policies (TC secondly, that the reforms have had a greater impact on the younger consumer group than on the older one; and thirdly, that the goal of multiplying fiscal effects can be achieved by expanding the proportion of middle-income groups. The continuous improvement of the legal taxation and fee collection mechanism has enhanced the governance level of local governments, enabling the policies to be implemented steadily and far-reaching. Secondly, the implementation of TC&FR should focus on the young consumer group and emphasize the protection of welfare for the elderly group. This will help to achieve the goal of multiplying fiscal effects by expanding the proportion of middle-income groups. Thirdly, the difference between China and Western countries lies in China's higher per capita willingness to save. Consequently, TC&FR can be expected to perform optimally when coupled with monetary policies designed to stabilize market investment expectations.
Jing Wang (Sat,) studied this question.