Ningbo Life English News

The other day, the Ministry of Finance, the National Development and Reform Commission and the State Administration for Industry and Commerce jointly issued a notice that stipulates that from September 1 2008 the country shall stop collecting the market management fee for privately or individually owned businesses. According to Ningbo Municipal Administration of Industry and Commerce, in line with related instruction, Ningbo already stopped collecting the fee since August.

It is learned that in the 1980's the country started collecting the market management fee for privately or individually owned businesses, which is used to build markets and as cost for management services and so on.

Statistics show that by the end of 2007, Ningbo had 260,000 privately owned businesses. Last year, the market management fee paid by the privately-owned businesses amounted to 180 million yuan.