How Shandong is implementing supply-side reform

Workersat a cooking oil refining factory of Luhua Group in Laiyang, Shandong province, Sept 20, 2016.Luhua Group is a leading food processing enterprise in China. [Photo provided to chinadaily.com.cn]

Reducing enterprises' burden

Shandong is aggressively pushing forward steps to lower enterprises' burden.

The measures include accelerating added-value tax reforms, giving subsidies to companies to reduce costs on innovation, provide support to small- and micro-firms on financing, and reduce companies' payment on social insurances.

The government is implementing market-oriented electricity price reform. This year, the companies in Shandong province will save 50 billion yuan on electricity bills.