China’s State Council, the cabinet, announced new measures Wednesday to further cut taxes for small enterprises in a bid to support economic growth.

The measures, including tax-rate cuts, higher tax thresholds and broader preferential policies, will save businesses about 200 billion yuan ($29 billion) each year, according to a statement (link in Chinese) released Wednesday after a cabinet meeting chaired by Premier Li Keqiang.

The new measures took effect as of Jan. 1 and will last three years, according to the statement.

Chinese authorities since last year have rolled out an array of policies to bolster a cooling economy facing stiffening headwinds. Last week, the central bank announced lower requirements on the amount of money lenders must hold as reserves.

The cabinet also pledged to accelerate local government bond issuance to support infrastructure projects and encourage financial institutions to support the real economy. China has planned to issue 1.39 trillion yuan of special-purpose bonds this year to fund local infrastructure projects.

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