South China City Cuts Land-use Charge by Half

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Last updated at: (Beijing Time) Monday, April 22, 2002

South China City Cuts Land-use Charge by Half

South China's Shenzhen, a thriving city bordering Hong Kong, has announced it will reduce land-use charges by half for newly registered, export-oriented overseas-funded firms from now until 2005.

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South China's Shenzhen, a thriving city bordering Hong Kong, has announced it will reduce land-use charges by half for newly registered, export-oriented overseas-funded firms from now until 2005.

Local officials say land qualifying for the reduced fee must beused for industrial production.

The preferential treatment is part of the effort being made by the city to promote exports.

Officials say Shenzhen will encourage the multinationals' global and regional procurement centers to purchase their productsfrom city businesses, and thereby encourage the entry of local products into their global procurement networks.

Shenzhen also encourages city firms to buy imported production equipment.

Shenzhen accounts for around one seventh of China's total export each year, local officials say.

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