BEIJING — China's new tax and fee reduction policies saved 1.78 trillion yuan (around $252.7 billion) in total for businesses and individuals in the first three quarters of the year, official data showed on Oct 30.

The tax reduction surpassed 1.51 trillion yuan, which included 703.5 billion yuan from reforms in the lowering of value-added tax rates, 182.7 billion yuan from inclusive tax reduction for small and micro enterprises and 442.6 billion yuan from reforms in individual income tax, Cai Zili with the State Taxation Administration told a news conference.

Chinese firms saw a total of 272.5 billion yuan fee cut in social insurance contributions in the first nine months, according to Cai.