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Premier urges local governments to propel reform

China will adopt a series of measures to boost growth and slash corporate burdens, Premier Li Keqiang said during a meeting with provincial and municipal officials.

Premier Li says the government will push forward the “supply-side reforms” while keeping economic growth within a reasonable range. The government will use measures such as debt-to-equity swaps to help lower firms’ debt levels.

The Premier also directed the government to cut corporate tax burdens and implement the initiative of replacing the business tax with a value-added tax.

The premium for social insurance and housing fund for employees, which has drawn complaints from business runners for being too high, will also be lowered.