New corporate tax structure should do wonders for the economy

The country's new unified corporate income tax for foreign and domestic enterprises has been hailed for its efforts to create fair competition between businesses, but its likely impact on economic growth is also worth noting.

China passed the law, which leveled the tax rate to 25 percent, on Friday.

"It is a basic rule-setting move that will create a level playing field for all enterprises, a cornerstone principle of market economics," Han Qi, a researcher at the University of International Business and Economics, told China Daily.