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The Executive Meeting Of The State Council Reintroduced Measures To Ease The Burden On Enterprises

Premier li keqiang presided over an executive meeting of the state council on June 7, which decided to introduce new measures to cut costs and make good on a pledge to reduce the burden on enterprises by trillions of yuan for the whole year.

The meeting pointed out that the continuous introduction of tax reduction and fee reduction measures to allow enterprises to play lightly is an important measure to push forward the supply-side structural reform and cultivate China's new competitive advantages. The meeting confirmed that, on the basis of four rounds of policy tax cuts and fees of RMB 718 billion have been issued this year, from July 1 this year, the first is to reduce the upper limit of construction quality guarantee deposit from 5% to 3%. Second, we will clean up the electricity price surcharge for non-tax revenue generated by the government in the energy sector, cancel special funds for industrial enterprise restructuring, and reduce the collection standard of the national major water conservancy project construction fund and the post-migration support fund for large and medium-sized reservoirs by 25 percent. Third, reduce the cost of resource occupation, pesticide experiment, and relevant license fees of the public security department. Fourth, the banking and insurance regulatory fees will be temporarily waived. The new measures are expected to reduce the burden on enterprises by an additional 283 billion yuan per year, adding up to more than 1 trillion yuan for enterprises in the whole year, of which more than 60 percent will be cut.