BEIJING, March 28 (Xinhua) -- China will cut value-added tax rates as part of a tax reduction package amounting to 400 billion yuan (about 63 billion U.S. dollars) this year.

The decision was made at a State Council executive meeting chaired by Premier Li Keqiang on Wednesday. It is expected to boost high high-quality development

The tax rate, starting from May 1, will be lowered from 17 percent to 16 percent for manufacturing, and from 11 percent to 10 percent for transportation, construction, basic telecommunication services and farm produce.