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Companies in Southwest China's Chongqing municipality will continue to enjoy a policy of business income tax reductions for the next decade, according to the latest announcement by the Ministry of Finance, the State Taxation Administration and the National Development and Reform Commission.

The policy aims to promote the large-scale development of China's western region by offering 15 percent off the income tax rate for companies involved in particular industries which are being encouraged in West China.

In addition to the encouraged industry catalog released by the National Development and Reform Commission, Chongqing has 32 industries that are also encouraged, including automobiles, motorcycles, new chemical materials, broadband networks, road transportation and medical institutions.

Since the implementation of the policy in 2010, Chongqing's 50,000 companies have enjoyed a tax reduction of 120 billion yuan ($16.97 billion) in total.

The renewed policy will be valid from Jan 1, 2020 to Dec 31, 2030. It is estimated more micro, small and middle-sized companies will benefit from the policy as the number of enterprises and total economic output is increasing in Chongqing.

Chongqing is striving to help more industries be included in the national industry catalog, according to the city's future industrial development direction. Meanwhile, Chongqing will help more companies enjoy tax discounts by implementing this policy.