China Releases Key Points of Cost Cutting In 2023 to Reduce Enterprises Burdens

The National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Finance, and the People's Bank of China issued the Notice on Doing a Good Job in the Key Work of Cost Reduction in 2023 on June 13, proposing 22 tasks in 8 areas.

The eight aspects for cost cutting include tax incentives, financial support, institutional transaction costs, labor costs, land and raw material costs, logistics costs, capital turnover, and internal enterprise potential tapping.

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