Last year, China reduced the tax and fee burden on

Last year, China reduced the tax and fee burden on

enterprises and individuals by around 1.3 trillion yuan, official data showed.

The country aims to implement large-scale tax cuts and fee reductions this year to boost the vitality of m

arket entities, increase urban and rural personal incomes and expand capacity for consumption.

China’s pet insurance market has a bright future amid growing rates of pet ownership across the country.

Last year, over 73 million households in Chinese cities were also home to a pet. The

value of the Chinese pet market reached 170.8 billion yuan ($25.3 billion), w

ith medical care for cats and dogs accounting for 14 percent and 15 percent, according to an industrial report.

The report also showed that the average annual cost of medical care stood at 1,557 yua

n for dog owners and 1,446 yuan for cat owners. However, those who bought medical insur

ance for their pets saved most of the expense, spending only around 300 to 500 yuan on pet insurance.