China to cut US$6.5b a year in fees to spur business growth

Beijing

CHINA will cut roughly US$6.5 billion a year in taxes and fees as part of an effort to stimulate the slowing economy, the State Council said.

Starting January 2015, the government will scrap 42 administrative fees and 12 business registration fees, measures specifically tailored to relieve burdens on small businesses, according to the State Council, China's Cabinet.