Steps taken by State Council to reduce taxes and fees

3. Further cutting government funds

A clerk of ICBC bank counts Chinese one hundred Yuan at its branch in Beijing, China, April 13, 2016.[Photo/Agencies]

China will further cut government funds to reduce financial burden on the public, according to a government routine meeting held on Jan 27.

The government reduction streamlined and optimized a total of 13 government funds in early February. Moves of such kind will reduce financial burdens worth 26 billion yuan ($3.96 billion) for enterprises and individuals this year.

Government-managed funds set up without authorization will be abolished; the collection of contributions to certain government-managed funds will be suspended, and some of these funds will be consolidated.