China outlines measures to reduce business costs

Updated: May 24, 2024 Xinhua Print
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A view of the Huangpu River in Shanghai. [Photo/VCG]

BEIJING - China's National Development and Reform Commission and three other state agencies announced a series of measures on Thursday to lower business costs nationwide this year.

The country will appropriately reduce import tariffs on advanced technological equipment and resources, while cracking down on irregular fees charged by government departments, industry associations, financial institutions, and utility providers, according to a circular jointly issued by these agencies.

To bolster financial support for the real economy, it is necessary to smoothly implement the country's monetary policy and prevent idle circulation of funds, the circular says. It also calls for steady reduction in loan interest rates.

Efforts will focus on optimizing the systems for tendering and government procurement to reduce institutional transaction costs. Additionally, the country will continue to shorten its negative list for foreign investors, scrap all restrictions on foreign investors entering its manufacturing industry, and ease restrictions in its service industry.

China will extend its premium reduction policy for unemployment and occupational injury insurance until the end of 2025, while lowering land use costs on businesses.

Efforts will also be made to help the logistics sector improve quality, boost efficiency and cut costs, as per the circular.

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