(Yicai) Nov. 11 -- The Chinese government cut taxes and fees for technology companies and manufacturing firms by CNY2.09 trillion (USD291 billion) in the January to September period, according to official data.

The figure reflects only the impact of policy adjustments made before this year, according to the State Taxation Administration. It does not account for the relief that businesses received from the temporary and short-term tax and fee reductions that were implemented from this year, the STA said.

More than CNY893.7 billion (USD 124.4 billion) of the total tax cut was directed toward supporting enterprises in activities such as investment in tech research and development, the transfer of achievements, and the nurturing of talent, the STA said.

Manufacturers that use advanced technology in their operations have benefited from tax and fee reductions totaling CNY810.7 billion, while CNY302.5 billion in cuts were directed toward high-tech firms and those in emerging sectors, including new energy vehicle production. The remaining CNY50 billion (USD7 billion) in cuts supported firms in upgrading equipment and undertaking technological revamps.

Victory Giant Technology said it benefited significantly from the cuts. The Huizhou-based company develops and produces printed circuit boards, and it used the savings to boost research and development as well as build a new digital plant, Chairperson Chen Tao said.

An official said the STA will continue to prioritize technological innovation and manufacturing industry, with more tax support underway to promote innovation among Chinese enterprises.

Editors: Tang Shihua, Tom Litting