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Corporate fees to be cut

2018-04-05 2 ℃

CHINA will lower corporate fees by more than 300 billion yuan (US$47.6 billion) annually to further boost development of the real economy.

The decision was made at a State Council executive meeting chaired by Premier Li Keqiang yesterday.

The latest round of reductions will cover fees related to water conservancy projects, energy use and logistics, according to a statement released after the meeting.

The government will scrap fees for administrative procedures like first-time applications for citizen identity cards and patent registrations, it said.

China will also cut telecommunication charges to boost the development of the digital economy.