China said in this year's government work report that it will ensure cuts in all industries' tax burdens after implementing the VAT system. But it won't be an easy task. Let's hear from Finance Minister Lou Jiwei.

"We will take some interim measures, such as some preferential taxation policies from business tax to VAT system. Under these measures, we can ensure that all industries's tax burden can be reduced. But we cannot ensure all companies because each company has its own unique conditions," Lou said.