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.