China cuts fees on businesses by more than $60b

BEIJING — China cut administrative fees on businesses by more than 420 billion yuan ($63.38 billion) during the past years to relieve their burden and stimulate the market.

More than 60 percent of the reduction was made during 2013 to 2016 through drops in operation service fees and power use costs, the National Development and Reform Commission said Tuesday. All businesses and individuals were exempted from 18 items of charges last year, a policy previously only for small firms.

The rest of the cuts came from lower electricity prices, exemptions of highway tolls and improved fee management in the financial sector in the first eight months of the year.

The government has channeled more energy into cleaning up corporate fees to relieve burden on businesses struggling amid the economic slowdown. A detailed national list of administrative fees is being compiled by the NDRC and will be released by the end of 2017.