Li: China to support railway construction

Chinese Premier Li Keqiang said Wednesday that the country will use a development fund to speed railway construction, especially in its central and western regions, Bloomberg reported. Li’s remarks came after a meeting of the State Council, China’s cabinet. Resolutions passed at the meeting included the exemption of companies with monthly sales of less than US$3,260 (RMB20,000) from value-added and business taxes starting August 1, according to a statement. China will also reduce administrative fees on export inspections, encourage financing and tax-rebate services for small firms to promote trade and will seek a balance of international payments that ensures stability of the yuan exchange rate.