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Chinese local governments’ transition plans

The local government in Hangzhou, Zhejiang province, has released a guidance on reducing costs and tax burdens on economic development.

The guidance released on March 3 lowers the tax burden on small and medium sized companies, and standardizes enterprise-related fees. The guidance also steps up efforts to eliminate overcapacity and provide better financial support.

Meanwhile, other provinces are also making changes. Coal-producing Shanxi province on March 2 unveiled a plan on industrial transformation. The plan calls for local coal companies to use their overcapacity to generate more electricity.