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 | Thursday, April 13, 2000, updated at 08:59(GMT+8) | ||||||||||||
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China's Policy for Foreign Investment in Western Region Being ImplementedChina's policy for encouraging foreign investment in the western part of the country, formulated last fall, is now being carried out in a comprehensive way, Assistant Minister of Foreign Trade and Economic Cooperation Ma Xiuhong said on April 11.Ma told a press conference for the Fourth China Fair for International Investment and Trade that China has promised to grant favorable policies to projects in the west whose foreign investment takes up more than 25 percent of the total. Foreign investors, who invest in industries encouraged and supported by the country will get another three years of tax cuts, following five years of tax exemptions or reductions. Ma also said that seven provincial capitals in the west have already received the go-ahead to set up state-level development zones, while another seven are still waiting for authorization. The catalog of industries in the west that enjoy comparative advantages has been finished and is waiting to be released, she added. Ma also said that provinces and autonomous regions in the west are encouraged to draft their own favorable policies to attract foreign investment, as long as they meet the general guidelines of the central government.
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