China to cut corporate power use cost by 64.1b yuan this year

China is expected to cut the burden of electricity costs by around 64.1 billion yuan (about $9.2 billion) for industrial and commercial businesses this year, according to the State Grid Corporation of China.

All the 26 provincial-level regions where the company operates businesses have completed the task of cutting the average electricity price for general industrial and commercial businesses by another 10 percent, it said.

To invigorate growth, China has in recent years adopted an array of measures to reduce business burdens, including additional tax breaks and lower administrative fees.