BUSINESS China cuts energy costs by $22 bln in 2019

BUSINESS

China cuts energy costs by $22 bln in 2019

CGTN

14:52, January 20, 2020

China stepped up efforts to cut energy, logistics and administrative costs for enterprises in 2019 and achieved fruitful results, said the National Development and Reform Commission (NDRC) on Sunday.

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Photo: CGTN

In 2019, China cut energy costs for enterprises by about 150 billion yuan (about 22 billion U.S. dollars), said Meng Wei, a NDRC spokesperson.

The annual electricity cost of enterprises was reduced to 84.6 billion yuan, as the average electricity price for commercial users was cut by another 10 percent from the 2018 figure, Meng said.

User costs were cut by over 65 billion yuan thanks to the prices fall of refined oil, gas and trans-provincial pipeline transport, which is part of the adjustment of the value-added tax rate.

Meanwhile, logistics costs were reduced by 17 billion yuan as China introduced a series of measures including cutting or canceling fees charged by ports, railways, highways and civil airports, said Meng.

In addition, China also conducted services and administrative fee cuts totaling 2.7 billion yuan and six billion yuan respectively last year, effectively reducing the burden of the people and further optimizing business environment.

In 2019, China implemented a two-trillion yuan tax and fee cuts campaign, and the country will continue to make further efforts in tax cuts and fee reductions in 2020.

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