China Further Cuts Costs for Business

BEIJING — Enterprises enjoyed energy price reductions and logistical and administrative fee cuts in 2019 amid China's efforts to create a better business environment, an official said on Jan 19.

Enterprises' energy spending dropped by around 150 billion yuan (about $21.78 billion), Meng Wei, a spokesperson with the National Development and Reform Commission, told a press conference.

The country reduced the average electricity price for commercial users by another 10 percent from that in 2018, which decreased 10 percent from 2017, saving 84.6 billion yuan for enterprises, Meng said.

The prices of refined oil, gas and trans-provincial pipeline transport also fell thanks to the adjustment of the value-added tax rate, lowering users' costs by over 65 billion yuan.

Logistics costs of companies declined 17 billion yuan as the country took a slew of measures to cut or cancel fees charged by ports, railways, highways and civil airports, according to Meng.

China also implemented administrative fee cuts totaling 6 billion yuan for companies and individuals last year, reducing charges related to trademark and real estate registration, patents and travel documents.

Source: Xinhua