China will cut the burden on business by at least RMB 1 trillion ($150 billion) this year through its new value-added tax regime and fee cuts, Chinese Finance Minister Xiao Jie forecast on Monday. In a statement to the South China Morning Post, Xiao said the switch to the new VAT system in 2013 had saved businesses about 1.6 trillion yuan in taxes and fees by the end of August. The minister’s comments come just days after the US Senate approved US President Donald Trump’s tax plan, an overhaul that Trump claimed would pave the way for the biggest tax cut “in the history of our country.” Part of the plan is to cut the corporate tax rate from 36% to 20%. Last year, glass tycoon Cao Dewang ignited debate over the tax burden on businesses when he declared that the administrative cost of setting up factories in the United States was lower than in China.