Premier Li Keqiang said China will further lower taxes and fees to ease burdens on enterprises, during his keynote speech at the opening ceremony of the annual meeting of New Champions in Tianjin, also known as Summer Davos, on Wednesday.

Over the past few years, China has made concerted efforts in administrative streamlining, tax reduction and lowering fees charged to enterprises, which had effectively shrunk institutional costs and production costs, promoted a better business environment, and helped improve quality and efficiency for enterprises, Li said.

China will further reduce taxes and fees to ease burdens on enterprises, firmly prohibit any new burdens from being enacted, research and promulgate new policies to substantially reduce taxes and fees, and ease the difficulties in getting financing for the real economy, the Premier added.