China to further lower corporate costs

BEIJING - China's State Council Wednesday announced further measures to reduce corporate burden and vowed more support for the country's "Made in China 2025" plan.

China plans to cut annual corporate costs by 120 billion yuan ($17.48 billion) through measures such as lowering logistics costs and cutting business fees, according to a statement released following a State Council executive meeting presided over by Premier Li Keqiang.

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

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

Erroneous service charges on companies will be canceled while fees 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 a manufacturing giant into a world manufacturing power.

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

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