Li underscores tax, fee cuts, better financial services

BEIJING - Chinese Premier Li Keqiang stressed tax and fee cuts and the improvement of financial services to alleviate burdens on companies and promote their healthy development.

Li made the remarks during his tour in East China's Shandong province from Friday to Saturday.

He underscored the importance of tax cuts and fee reductions, as they are key to coping with current downward economic pressures and can benefit the economy in the long run.

In Weichai Group, a leading machinery manufacturer, Li encouraged the staff to strengthen international cooperation in innovation. He also called for craftsmanship to produce more competitive, highly reliable products.

A manager of Weifang Goertek Electronics Co., a privately-owned intellectual products maker, told Li that the company will pay 100 million yuan (about $15 million) less in taxes and fees this year.

Li said China has huge market potential and that through technological innovation, their own efforts and extensive cooperation, Chinese companies will eventually win consumers and the market.

The government will also continue to improve policies and encourage companies to increase inputs into research and development, he added.

During his visit to a local bank, Li said lenders should use big data techniques and innovate financial products and models to provide better financial services to small- and micro-sized enterprises, as these enterprises play a crucial role in driving economic growth, increasing employment and improving people's livelihoods.

Li also asked local authorities to monitor prices of daily products and take proper measures to ensure sufficient supply and reasonable prices.