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Guangzhou to cut costs for manufacturing enterprises

(eguangzhou.gov.cn)Updated : 2019-03-04

The city of Guangzhou rolled out 59 measures on Feb 28 to reduce costs for the manufacturing industry and support the development of the real economy.

The southern Chinese city will work to reduce taxation and lower the cost of land use, corporate social insurance, electricity, transportation, financing, and institutional transactions.

Specific measures include levying income taxes on enterprises at the lowest rate of taxable income, reducing the cost of unemployment, social, and medical insurance for enterprises, and cutting the time needed to start a company to just four workdays.

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Guangzhou issues 59 measures to boost its manufacturing industry. [Photo/Chinanews.com]