The State Council, China's cabinet, unveiled a document on Monday urging moves in the next few years to lower companies' financing, transaction, labor and logistics costs.
The authorities expect to cut corporations' tax burdens by 500 billion yuan ($75.1 billion) annually in the next three years, according to the document posted on the website of the central government.
Payrolls will grow at "a reasonable level," it said.
Logistics costs of companies will be cut by 0.5 percentage point compared with the total logistics value, the document noted.
More financing policies will target micro-sized and small enterprises to reduce the costs of raising funds, according to the document. Transaction fees for fundraising will be slashed, and local governments are encouraged to establish trustee funds that will explore the possibility of backing local enterprises.
The government also urged companies to increase their financial turnover by monetizing some of their assets or leasing some assets.
The document said land costs should be reduced, energy prices more market-based and pricing mechanisms more flexible.
Various ministries are involved in this campaign, such as the Ministry of Finance, the Ministry of Industry and Information, the National Development and Reform Commission, the State Administration of Taxation and the People's Bank of China.
