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Chinese 100 yuan banknotes are seen in a counting machine while a clerk counts them at a branch of a commercial bank in Beijing, China, March 30, 2016.
China's finance ministry announced on Monday that it will extend a value-added tax refund policy aimed at encouraging domestic and foreign research institutions to purchase Chinese-made equipment until the end of 2027.
Foreign companies will need to comply with requirements such as investing at least $8 million in China in order to be eligible for the VAT refund, the statement said. (Reporting by Yelin Mo and Brenda Goh; Editing by Jacqueline Wong)
