China reduced fees on business by more than $60 billion

Almaty. October 25. Silkroadnews - China has reduced administrative duties on business by more than $60 billion, the Xinhua news agency reported.
“China cut administrative fees on businesses by more than 420 billion yuan ($63.38 billion) in recent years to relieve their burden and stimulate the market,” the report said.
According to the National Development and Reform Commission of China (NDRC), more than 60% of the reduction was made between 2013 and 2016 through the decrease in fees for operation services and power use costs. All enterprises and individuals were exempted from 18 items of administrative charges last year, although previously this policy was applied only to small firms.
The remaining reductions were related to lower electricity prices, exemption from highway tolls and improved fee management of duties in the financial sector in the first eight months of the year.
The government has directed more efforts to clear corporate duties to relieve burden on businesses amid the economic downturn. A detailed national list of administrative fees is compiled by the NDRC and will be released by the end of 2017.