BEIJING — China will give priority to small and micro enterprises in its tax rebates to help them navigate difficulties, Premier Li Keqiang said on March 11.

Small and micro firms are of a large amount and cover a wide range of sectors, helping create a great number of job opportunities, Premier Li said, stressing many of them are financially strapped.

The country's goal is to refund all value-added tax (VAT) credits to these firms by the end of June, and complete the refund to key sectors, such as manufacturing and R&D-intensive service, within 2022, Premier Li said.

Since the launch of the VAT reform in 2013, China has reduced taxes by 8.7 trillion yuan (about $137.4 billion), Premier Li said.

Businesses have benefited from the tax refunds and fee cuts, which help create new sources of tax revenue and cultivate market entities, Premier Li added.