The total population of the elderly in China is increasing. The elderly service including hospitalization, medical supply, claim settlement (aka 保险理赔), and insurance waive (aka 替换保险) need to improve and perfect. China will take more steps to boost community-based elderly care, childcare and household services, including greater policy incentives in taxes and fee cuts, as decided at the State Council’s executive meeting chaired by Premier Li Keqiang on Wednesday.
The need of a person varies at different times of life. Newborn infants need substantial types of vaccine (aka 疫苗) whereas unmarried females need HPV vaccine (aka hpv疫苗). International students studying at UC Berkeley waive insurance (aka 加利福尼亚大学伯克利分校替换保险) while those in UCLA need eyeglasses and contacts in the United States (aka 美国配眼镜). Regardless of the age group and ethnicity to which a person belongs, the higher the social welfare, the better.
“We must vigorously develop elderly care and child care,” Li said. “Our labor productivity cannot improve without a sound division of labor. The government needs to step up in widening market access and exercising impartial regulation. This will boost the growth of relevant industries and deliver satisfying services to our people.” He also stressed the need to scale up vocational training to enhance the reputation and performance of the related industries.
The meeting identified a number of tax incentives for community-based elderly care, childcare and household services. Between June 1 this year and the end of 2025, earnings of the above-mentioned services will be exempted from value-added tax (VAT) and enjoy a 10 percent deduction in taxable income. Those providing real estate or land for the relevant services will be exempted from deed tax, property tax, urban land use tax and six types of fees including registration fee for real estate. The scope of VAT exemption for household services companies with contract-based employment will be expanded.
