China to further lower corporate costs

2017-05-17 14:11:02 GMT2017-05-17 22:11:02(Beijing Time) Xinhua English

BEIJING, May 17 (Xinhua) -- China's State Council Wednesdayannounced further measures to reduce corporate burden and vowedmore support for the country's "Made in China 2025" plan.

China plans to cut annual corporate costs by 120 billion yuan(about 17.48 billion U.S. dollars) through measures such aslowering logistics costs and cutting business fees, according to astatement released following a State Council executive meetingpresided over by Premier Li Keqiang.

In addition to implementing policies already rolled out, Chinawill push for a new set of measures to cut business costs.Specifically, logistics costs will be cut, with railway freightrates lowered and annual inspection costs for freight vehiclesreduced.

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

Erroneous service charges on companies will be canceled whilefees 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 amanufacturing giant into a world manufacturing power.

China should further develop key technologies such as high-endand smart equipment, and speed up construction of internet-basedplatforms to facilitate innovation.

A number of pilot areas for the "Made in China 2025" plan willbe built, where innovative policies and mechanisms will be carriedout, according to the statement. Enditem