China expects to cut transport logistics costs by 12 bln yuan this year: media

BEIJING (Reuters) - China expects to reduce transport logistic costs by more than 12 billion yuan ($1.88 billion) this year through measures including reduced taxes and road tolls, state media reported on Wednesday, citing the State Council, or cabinet.

The measures will include working towards cancelling tolls on provincial-level highways and streamlining inspections for freight trucks.

China will also streamline procedures for setting up foreign companies in order to promote trade and investment, according to a statement released after the meeting, which was presided over by Premier Li Keqiang.

(Reporting by Elias Glenn and Cheng Fang)

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