Belt and Road to save Chinese financial institutions 9.6b yuan in taxes

BEIJING -- Tax treaties with countries along the "Belt and Road" will save financial institutions in China 9.6 billion yuan (about $1.5 billion) in taxes, according to the State Administration of Taxation.

In 2015, China conducted a number of tax treaty negotiations and modifications with countries along the "Belt and Road" including Cambodia, India, Indonesia, Pakistan, Romania and Russia.

Besides the tax agreements, the administration also negotiated with India, Indonesia and Tajikistan on tax disputes and saved domestic enterprises 270 million yuan in taxes last year.

The Belt and Road Initiative, proposed by China, comprises both the Silk Road Economic Belt and the 21st Century Maritime Silk Road, with visions to connect Asian, European and African countries more closely and promote mutually beneficial cooperation.