China's top economic planner, the National Development and Reform Commission, unveiled new measures in May to cut electricity costs for industrial and commercial users in the latest effort to reduce burdens on businesses.

According to the new measures, which will take effect on July 1, the fees for funding major hydropower projects will be reduced by 50 percent to lower electricity costs. Meanwhile, the country will also cut the value-added tax for power grids and encourage industrial and commercial users to participate in spot-price trading of electricity to further lower prices.