State Taxation Administration head Hu Jinglin announced on July 28 that welfare tax incentives in the first half covering pensions, medical care, and education drove a year-on-year increase of 11.8% in tax reductions. A total of 126 million people benefited from special deductions for personal income tax, up 5.9% from a year earlier, while the tax reduction amount exceeded RMB 320 billion, representing an 8.2% year-on-year increase.
China's national student loan program has disbursed a cumulative 695.8 billion RMB by the end of 2025, benefiting over 30 million students, according to a Ministry of Education press conference on July 28. The program operates with a dual-track model of home-origin loans as the main channel and campus loans as a supplement. Since 2012, the maximum loan amount has been raised four times, from an initial 6,000 RMB per year to the current 20,000 RMB for undergraduates and 25,000 RMB for graduate students.