Beijing plans to further cut taxes for small and medium-sized companies in 2019, which is expected to offer a total tax reduction of 9 billion yuan ($1.33 billion), the municipal finance authority said.

Small and medium-sized companies could be exempted from taxation if their added-value revenue is lower than 100,000 yuan per month in 2019, up from the previous 30,000 yuan per month. It means more companies can enjoy the preferential taxation policies, according to the policies from Beijing's bureau of finance.

Over 1 million taxpayers are expected to benefit from the policies in 2019, the bureau added.

Meanwhile, the government will set up a mechanism for quick response to companies' needs on the tax sector.