China's State Council, the cabinet, on Wednesday announced new cuts to charges on companies, which will reduce their burden by 283 billion yuan (41.7 billion U.S. dollars) each year.

The new measures, which will take effect on July 1, are part of the government's efforts to reduce corporate costs by 1 trillion yuan this year, according to a statement following a State Council executive meeting presided over by Premier Li Keqiang.

The country will reduce the upper limit for construction quality guarantee deposits from 5 percent to 3 percent, cancel or reduce the government's additional charges on electricity use, cut six items of administrative and institutional charges, and suspend supervision fees for the insurance and banking sectors, the statement said.

The government will step up supervision and inspection on the implementation of policies to cut corporate burdens to help companies enjoy the benefits, according to the statement.

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