China to Further Lower Transport Costs

The National Development and Reform Commission, together with the Ministry of Transport and a dozen other departments, issued a circular recently aiming to help promote the recovery of service industries hit hard by COVID-19.

It aims to reduce the operating burden of enterprises by reducing or exempting the valueadded tax on public transport services. Meanwhile, there will be continued subsidies for new energy bus purchases.

Financial institutions will be guided in ways to increase financing for transport enterprises with high credit ratings or those who have shouldered epidemic prevention and control as well as emergency missions.

Statistics show that over the past year, over RMB 100 billion of transport and logistics fees have been reduced by means of a package of policy measures nationwide.