China slashes taxes, fees to shore up growth

Apart from easing measures, including widely anticipated interest rate and deposit reserve ratio cuts, more reform measures to build a better business environment and promote entrepreneurship are also on the way.

The State Council agreed to launch a six-month campaign to eliminate unreasonable administrative fees that force enterprises to pay for approvals, guild memberships and market access.

The resource tax on iron ore will be reduced from 80 percent of the tax payment base to 40 percent to help iron ore smelters that have suffered from sluggish prices and production since 2014.

In addition, China has strived to streamline administration and delegate powers, allowing easier market access and less governmental interference, and more efforts can be expected this year.

The number of newly registered firms reached 3.65 million in 2014, up 45.88 percent from a year ago, data from China's commerce regulator showed.

"While economic growth slowed, more jobs were created, which fully demonstrates both the tremendous power of reform and the endless potential of the market," said the government work report released in March.