China to lower corporate fees to boost real economy

Beijing. April 6. Silkroadnews - China will lower corporate fees by more than 300 billion yuan (about 47.6 billion U.S. dollars) annually to further boost development of the real economy, Xinhua reports referring to the decision made at a State Council executive meeting chaired by Prime Minister Li Keqiang.
The tax will be reduced for projects related to water conservation, energy consumption and logistics.
The government will charge fees for administrative procedures, such as first-time applications for citizen identity cards and registration of patents.
The interim policy on payment for employee pensions, unemployment insurance and occupational accident insurance will be in force until April 30, 2019, while the policy on public housing funds will be in force until April 30, 2020 to help the companies cut costs, improve economic situation and bring benefits to employees.
Also, the burden on enterprises for the payment of funds for employment of disabled people will be reduced.
China will cut telecommunication costs to stimulate the development of the digital economy, and from July 1, 2018, domestic roaming tariffs will be abolished to ensure a reduction in data transmission fees by more than 30% this year.
Meanwhile, the government will insist on reducing fees for family broadband packages, exclusive network services for medium and small enterprises and services for overseas roaming.
The meeting also decided to create more incentives to attract overseas Chinese students back to China, including simplification of residence registration procedures and measures to support innovation and entrepreneurship.