China to Further Lower Corporate Costs
Made in China 2025 plan that aims to make China world manufacturing power and help Chinese Product Manufacturer gets more support. On the last Wednesday, State Council of the country stated about the extra measures to lower down the commercial burden. It is announced to provide more support to the China plan.
According to the announcement made during State Council executive meeting headed over by current premier Li Keqiang, “China decides to reduce the corporate costs by 120 billion Yuan annually (approximately 17.48 billion U.S dollars). The annual corporate costs will be cut down through various ways such as cutting business fees and reducing the logistic cost.
Besides executing the plans already announced, China will press on for the new parameters to reduce the business costs. Particularly, logistics costs will be reduced, with railway goods rates lowered and annual examination costs for freight vehicles lowered.
As per the statement made during the meeting, local electricity cost system reform will be moved on and the rates of electricity transmission and distribution will be lowered. Company’s invalid charge will be canceled while higher fees will be cut.
The country should make important technological advancement including high-end and smart equipment, faster creation of Internet-based policies to ensure modernization.
Various pilot areas for Made in China 2025 plan will be constructed, where ground-breaking strategies and machinery will be carried out.