China unveiled a series of new measures including tax reductions that will benefit small companies not already covered by previous measures, state-run news agency Xinhua reported on Wednesday.

“To ensure the economy operates within a reasonable range and to tackle the economic downward pressures, we need to have stronger and more proactive fiscal policies,” Chinese Premier Li Keqiang was quoted saying in a statement released after a meeting of China’s State Council.

The statement, quoted by Xinhua, said enterprises with annual taxable income of fewer than 200,000 yuan (US$32,573) would only need to pay half of their corporate tax from 2015 to 2017. The tax break previously only applied to companies with income under 100,000 yuan.

The Chinese government has said previously that 2.5 million enterprises benefited from tax reductions last year, saving payments worth 10 billion yuan in total.

The unemployment insurance rate would also be lowered to 2 percent from 3 percent, said the State Council on Wednesday. Currently, employees contribute 0.5 percent of their monthly salaries to the insurance fund while employers are responsible for the remaining 2.5 percent.

The statement also said taxes on investment earnings from non-monetary assets would be levied in stages instead of via one-off collections.