This aerial photo taken on Jan. 31, 2023 shows a construction site of the Audi-FAW new energy vehicle (NEV) project in Changchun, northeast China's Jilin Province. (Photo by Wang Meng/Xinhua)

China on Tuesday released updated tax policy guidelines on stabilizing foreign investment and foreign trade to create a favorable tax environment for their development.

The updated version of the guidelines consists of 51 items covering the two major fields of foreign investment and foreign trade, according to the State Taxation Administration.

In breakdown, 19 measures are related to stabilizing foreign trade, including policies on goods and service exports, value-added tax policies on cross-border taxable activities, policies for new forms of foreign trade, and policies to facilitate export tax rebates and exemptions.

A total of 32 measures are issued to stabilize foreign investment, such as policies on encouraging foreign investment, said the administration.