China to further cut company costs by 120 billion yuan: State Council

China will further cut cost burdens on companies by an annual 120 billion yuan ($17.4 billion) by eliminating various fees, the State Council, or cabinet, decided at a meeting led by Premier Li Keqiang on Wednesday.

Logistics fees will be cut, along with the removal of some toll road fees, and other fees related to power supply and membership in industry bodies will be reduced or scrapped, the cabinet said in its announcement.

Delegates raise their hands as they take a vote during the closing session of the 18th National Congress of the Communist Party of China at the Great Hall of the People in Beijing, in this November 14, 2012 file photo. REUTERS/Carlos Barria/Files

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