1 trillion yuan in burdensome costs will be eliminated this year, premier says

Business fees across China will be cut, the State Council decided on Wednesday, following up on pledges made by Premier Li Keqiang in the Government Work Report earlier this year.

Among the measures decided at the meeting was a reduction in construction assurance deposit requirements and the cancellation of an industry restructuring charge that is ultimately levied via power bills.

The country will also put a hold on an industry oversight charge levied on banks and other financial institutions, and reduce the fees charged by public security departments for issuing licenses.

Li said businesses are weighed down by too many charges. The country is on track to deliver its promise to slash costs by 1 trillion yuan ($147.1 billion) this year, he said.

Measures rolled out by the central government earlier this year have already reduced taxes and fees by about 718 billion yuan.

Li said the central government will keep slashing the nontax burden on businesses and overhaul charges levied by the government.

"The 1 trillion yuan cut is no easy task, but must be delivered in full," Li said. "Government departments and agencies should keep the bigger picture in mind and take concrete measures to reduce the burdens on companies, energizing businesses to make China an even more inviting destination for investment."

The Ministry of Finance is expected to publish a list of the administrative charges levied by central and local governments on its website before July. The National Development and Reform Commission will also make public all the fees set by the government for public services before the end of this year.