Xinhua on February 14, 2016, stated that the State Administration of Taxation had said that tax treaties that China had signed  with countries participating in the OBOR will save financial institutions in China 9.6 billion yuan (about $1.5 billion) in taxes, according to the State Administration of Taxation. It added that in 2015, China conducted a number of tax treaty negotiations and modifications with countries along the OBOR including Cambodia, India,Indonesia, Pakistan, Romania and Russia. It said the State Administration of Taxation had also negotiated with India, Indonesia and Tajikistan on tax disputes and saved domestic enterprises 270 million yuan in taxes last year.