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China on the way to cut corporate cost by 1 trillion yuan

Xinhua, June 8, 2017 Adjust font size:

A State Council executive meeting chaired by Premier Li Keqiang on Wednesday decided to cut fees paid by enterprises.

Li has said in a government work report this year that the country will take multiple measures to cut costs for companies, leave no stone unturned and make structural tax cut pay off as much as possible and create a straightforward, transparent and fairer tax regime.

It was decided at the meeting that the country will reduce construction assurance deposit standards and cancel an industry restructuring charge that is ultimately levied in power bills.

The country will also put on hold industry oversight charge levied on banks and other financial institutions, and reduce the fees charged by public security department for licenses.

Li said too many charges have put too much weight on businesses. The country is on the way to deliver on its promise to slash corporate costs by 1 trillion yuan (about 147 billion U.S. dollars) this year, he said.

Measures rolled out by the central government earlier this year have already cut taxes and fees by about 718 billion yuan, and the latest measures will cut fees by 283 billion yuan.

Li said the central government will keep slashing non-tax burdens and completely overhaul charges levied by the government.

All government departments and agencies concerned should put the overall interests ahead of their own by reducing burdens on enterprises, and forging new competitive edge of China, he said.

The Ministry of Finance will make public on its website a list of the administrative charges levied by the central and local governments before July. The National Development and Reform Commission will make public all the government-set fees for public services on its website before the end of this year.

"The 1-trillion-yuan cost cut is no east task, but must be delivered in full," Li said.

"Government departments and agencies should keep the bigger picture in mind and take concrete measures to reduce the burdens of companies, and energize businesses to make China an even more inviting destination for investment," the premier said.