Li Dongsheng, a deputy to the National People's Congress (NPC) and president of TCL, China's leading consumer electronics enterprise, called for tax cuts to rev up growth amid lackluster economic data, during a press conference Friday at the height of the annual sessions of both China's top legislative and political advisory body in Beijing.

Li Dongsheng, a deputy to the National People's Congress (NPC) and president of TCL, China's leading consumer electronics company, speaks at a press conference about his advice for China's top legislative body on March 4, 2016. [Photo by Guo Yiming / China.org.cn]

The business leader proposed a cut on the value-added tax (VAT) ratio, which has remained at an alarmingly high 17% for the past 23 years, to 12% in order to expand domestic demand.

"According to my research, China's VAT ratio is far higher than our neighboring countries and regions," said Li who noted that the ratios in Japan and South Korea are only 6% and 10% respectively, putting China's products in a disadvantaged and less competitive position when compared to others with lower taxes.

In addition to calling for a cut ofcut of the VAT ratio, the electronics tycoon also called for an end of city maintenance and construction tax, as well as the education surtax, which, in his words, are outdated measures that put unnecessary pressure on industries.

He hoped that the government will roll out more measures to boost brick-and-mortar businesses such as increased investment and burden relief against a backdrop of complicated economic situations.

According to Li's briefing, TCL's growth data last year was worse than expected, which coincided with the gloomy performance of the global economy.

"Faced with difficulties, we couldn't change the general environment, only our own actions," said Li, who resolved to boost innovation, industrial capacity, brand-building and Internet application capability in order to survive the competitive world environment.

Li also noted that the company's global strategy will benefit from the country's Belt and Road Initiative, and suggested that companies find more opportunities overseas.

TCL's overseas businesses, which accounted for 47% of its total revenue last year, have grown even faster than their domestic enterprises, according to Li's brief.