[Photo/IC]

China's new tax reduction policies saved 650 million yuan ($92 billion) for Taicang's businesses engaged in foreign trade in the first seven months of this year, official data showed on Aug 16.

Taicang's foreign trade sector benefited the most from the lowering of value-added tax (VAT) rates, which started on April 1, and other supportive measures that took effect earlier in the year.

"VAT cuts, along with easier customs clearance, helped enterprises save a considerable amount of costs and encouraged them to eye more expansion in overseas markets," said a spokesperson for Taicang Customs.

He added that starting this year, China has implemented policies to cut taxes and administrative fees, which will help ensure the steady growth of the city's foreign trade.