On March 5, 2017, in his speech at the National People’s Congress meeting, Premier Li Keqiang announced the increase of the super-deduction rate for R&D expenses from 50% to 75% for small and medium-sized technology companies.
Since the announcement, the MOF and the SAT have released Circular Caishui  No. 34 to formalize this preferential policy for the period from January 1, 2017 to December 31, 2019.
Date of issue: May 2, 2017. Retroactive effective date: January 1, 2017