China's corporate tax higher than OECD average

The Chinese corporate tax, at 40 percent, is higher than the average level in countries belonging to the Organization for Economic Cooperation and Development, according to a report by the Ministry of Finance.

Corporate tax in OECD countries was between 24 percent and 27 percent over the past 30 years. Japan, the United States and South Korea, on average, had a 20 percent corporate tax in the last 20 years.

The report suggested that the government should regulate or scrap various administrative fees for companies, expand the value-added tax reform and improve export tax rebates.