City tax breaks to boost private sector

Shanghai is cutting annual taxes on cars, vessels and corporate land by about 4 billion yuan (US$580 million) this year.

Mayor Ying Yong led a meeting of the city government Monday to discuss 27 options for boosting the private sector and reducing costs.

The Shanghai government and Party committee recently released the policies to reduce costs to business and introduce tax breaks.

Taxes and fees will be reduced to the lowest legal level. 

The meeting also reinforced the policy of one-stop online government services to develop a better business environment which can better support the high-quality development of private enterprises.