What Sandman said. It’s new business slang. I do believe it’s from the West, not Chinglish – I think it’s an extension from "cost-down approach, cost-down project, etc.), which are already bad English (they should of course be “cost-cutting”, “cost-reduction”, etc.), but that’s what you get when business schools have low entrance requirements for English scores. It’s bad enough to use it as a compound adjective, but further extension to a verb form is truly asinine, and should be stamped out mercilessly. Beat anyone who uses it to within an inch of their miserable life. 
“Cut costs” is the verb + object they should use. “Cost reduction” is the noun. I tell my corporate students that there’s a lot of horrifyingly bad English even among native speakers, and that they should strive to copy good usage, not just any old native usage. They don’t always realize there’s a difference, until you draw some local comparisons to bad native Mandarin (or Taiwanese) and proper usage.