The local government in Hangzhou, Zhejing Province, has released a guidance on reducing costs and tax burdens on economic development.

Thursday's guidance lowers the tax burden on small and medium sized companies, and standardizes enterprise-related fees. The guidance also steps up efforts to eliminate overcapacity and provide better financial support.

Meanwhile, other provinces are also making changes. Coal-producing Shanxi Province on Wednesday unveiled a plan on industrial transformation. The plan calls for local coal companies to use their overcapacity to generate more electricity.