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May 18, 2017

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Corporate costs to be further reduced

CHINA’S State Council yesterday announced further measures to reduce corporate burden and vowed more support for the country’s “Made in China 2025” plan.

China plans to cut annual corporate costs by 120 billion yuan (US$17.4 billion) through measures such as lowering logistics costs and cutting business fees, according to a statement released following the State Council meeting presided by Premier Li Keqiang.

On top of policies already rolled out, China will push for a new set of measures to cut business costs. Specifically, logistics costs will be cut, with railway freight rates lowered and annual inspection costs for freight vehicles reduced.

Provincial electricity pricing system reform will be pushed forward, and electricity transmission and distribution rates will be lowered, according to the statement.

Erroneous service charges on companies will be canceled while fees that are unreasonably high will be cut.

Meanwhile, the meeting also called for more efforts to implement “Made in China 2025,” a plan to transform China from a manufacturing giant into a world manufacturing power.

China should further develop key technologies such as smart equipment and speed up construction of Internet-based platforms to enhance innovation.

A number of pilot areas for the “Made in China 2025” plan will be built, the statement said.


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