China's State Council, the Cabinet, on Wednesday approved a plan for the development of the logistics industry.
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The plan specifies 12 key projects in the sector, including farm produce logistics, manufacturing logistics and supply chain management, as well as logistics for the recycling of renewable resources, said a statement after a cabinet executive meeting.
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The country should have a modern logistics service system in place by 2020 to make the sector more standardized, information-based and intelligent, as well as raise its overall efficiency and profitability, the statement said.
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The meeting, presided over by Premier Li Keqiang, highlighted three priorities in the construction of a modern logistics system -Â reducing overall cost, promoting large-scale operation and improving infrastructure.
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The meeting also decided to implement a single tax rate of 3 percent for companies engaging in running water supply, small-scale hydropower generation and other areas from July 1. Their tax rates currently range from 3 percent to 6 percent.
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The cut will reduce the burden of those companies by 24 billion CNY (3.9 billion US dollars) each year, the statement said.Â