China to cut admin fees to relieve firms, individuals

BEIJING -- China's economic planner announced Thursday it will lower 12 administrative charges, estimating the cuts will save enterprises and individuals 4 billion yuan (nearly $630 million).

Effective from Oct 15, fees including those for property transfers, trademark registration and software copyright applications will be lowered, according to a statement of the National Development and Reform Commission (NDRC).

The property transfer charge will be cut by around 33 percent to help home buyers. Governments of medium and small cities are allowed to lower the charge further, the statement said.

In addition, the NDRC will double the exemption period for patent maintenance fees to 6 years, effective in 2016.