China eyes lower corporate costs in 2016

BEIJING - Lowering corporate costs will be a major task under China's economic plan for 2016, according to a statement released after the Central Economic Work Conference on Monday.

"China will roll out a mix of solutions to help companies in the real economy reduce their costs," said the statement.

The government should streamline administrative procedures and delegate power, cut taxes and fees, and bring down social security contributions to alleviate the burden on firms, it said.

Financial regulators are urged to reduce the financing costs of enterprises and work to "normalize interest rates" to benefit the real economy.

Authorities will also mull reducing value-added tax rates for the manufacturing sector, according to the statement.

Electricity prices will be cut and market-oriented reforms on pricing will be advanced, while logistics costs will be lowered, it said.

The Central Economic Work Conference, an annual meeting during which Chinese leaders review the past year's economic performance and map out plans for the next year, was held in Beijing from Friday to Monday.