By promoting supply side structural reforms, the government of Guizhou province has saved 70 billion yuan ($10.2 billion) in the financial burdens of local enterprises in the real economy in 2016.
Under the guidance of the State Council, the provincial government launched policies to cut down the costs of enterprises, including electricity, financing, and logistics.
The provincial government has reformed the cost of transmission, distribution and electricity since March 15, 2016. Guizhou Electricity Transaction Ltd, China’s first national multi-shareholder limited liability company, has been reduced electricity prices, saving 5.1 billion yuan for local enterprises.
To further reduce costs, the provincial government has unveiled tax reductions and capital raising policies, cutting down tens of billions of yuan. Additionally, administrative procedures have also been simplified by the Guizhou government to better serve local enterprises.
Edited by Zachary Dye