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Guangdong Looks to Cut Costs for Manufacturing Sector

Guangdong has announced 10 new measures intended to reduce costs of manufacturing companies:

Reducing the Corporate Tax Burden

Within the parameters set by the central government, the applicable land use tax rates in cities and towns will be reduced, while the applicable vehicle and vessel tax rates will be cut to the lowest statutory level

Reducing Corporate Land Use Costs

The supply of industrial land as specified in the annual plan for supplying land for construction is to be fully guaranteed, while priority is to be given to meeting the needs of advanced manufacturing when it comes to supplying reclaimed land or land newly released by provincial authorities for urban and rural construction

Reducing Corporate Social Insurance Costs

A provincial unified endowment insurance payment ratio for all employing entities is to be established. Should any employer’s payment ratio currently exceed 14%, it will be capped at 14%

Reducing Electricity Costs for Enterprises

Reducing Transportation Costs for Enterprises

Reducing Financing Costs for Enterprises:

All enterprises in the manufacturing sector are to be encouraged to fully utilise the preferential policies of state banks and to actively open up overseas funding channels to support their development

Reducing the Institutional Transaction Costs for Enterprises

The time required to establish and register a new business will be reduced to five working days, while the time required for concluding the examination and approval of industrial investment projects will be limited to 10 working days and the time for completing the filing of industrial investment projects will be restricted to a maximum of three working days

Supporting Industrial Enterprises in the Best Use of Land Resources by Raising the Rate of Land Utilisation

Supporting the Manufacturing Sector’s Development and Nurturing Emerging Pillar Manufacturing Industries

Increasing Support for Major Industrial Projects

For further details (in Chinese), please visit the following link:

Several Policies and Measures of Guangdong Province in Reducing the Corporate Costs of the Manufacturing Sector to Support the Development of the Real Economy (Revised) (Yue Fu No.79 [2018])

Content provided by Picture: HKTDC Research
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