China to further lower business costs

China plans more measures to lower business costs this year, according to the National Development and Reform Commission.

The harbor of Qingdao, Shangdong Province. [File Photo: IC]

The country plans to cut business costs such as charges for electricity use, logistics and intermediary services, which are expected to save more than 150 billion yuan (23.8 billion U.S. dollars) for enterprises and the public this year, said Yue Xiuhu, an official with the commission.

The move, together with the government's efforts to further reduce administrative charges, will lighten the non-tax burden on market entities by more than 300 billion yuan this year, Yue said.

The government aims to lower the price of electricity for general industrial and commercial businesses by an average of 10 percent by the end of 2018, according to the government work report.

The country has lightened the burden on businesses by reducing their costs by more than 500 billion yuan during the previous two years.