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State Council approves set of incentives for pilot zone

(Global Times)

08:03, July 04, 2012

China's State Council, or cabinet, approved special incentive policies to build a pilot financial zone in Shenzhen's Qianhai area near Hong Kong Tuesday.

The financial innovation of the pilot zone will be focused on areas including cross-border yuan business innovation, the cabinet said in a statement on its website.

The banks located in the Qianhai area will be supported to issue yuan loans overseas, and the regulators are also studying the plans of banks from Hong Kong to issue yuan loans to enterprises in the pilot zone under the Closer Economic Partnership Agreement, the statement said.

The companies and financial institutions in Qianhai will also be authorized to issue bonds in Hong Kong to boost the area's economic development.

The State Council is encouraging the establishment of equity investment fund of funds in Qianhai. Foreign equity investment funds will also be allowed to operate in the area.

Eligible companies could enjoy a reduction of 15 percent profit tax, said the statement.

Qualified members, who are in urgent need, could benefit from subsidies and personal income tax exemption.


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