TIANJIN — Premier Li Keqiang said on Sept 19 that China would further cut taxes and fees to reduce the corporate burden.

He made the remarks when addressing the opening plenary of the Annual Meeting of the New Champions 2018, also known as Summer Davos, in Tianjin.

“The Chinese government has made great efforts to streamline business procedures, and cut taxes and fees over the past several years,” he said.

These efforts have reduced institutional transaction costs and companies’ production and operation costs, optimized the business environment and improved the quality and profits of companies.

“We will make greater efforts to cut taxes and fees and continue to ease the corporate burden and resolutely prevent new burdens on businesses,” he said. “Efforts will also be made to develop new policies on tax cuts and fee reduction, and more forceful measures will be taken to ease financing difficulties facing the real economy and reduce financing costs.”