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 | Monday, April 17, 2000, updated at 09:56(GMT+8) | ||||||||||||
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Agriculture Secures China's Policy Favor for Foreign FundingChina's agricultural and forestry businesses are authorized to accept foreign cooperative partners, China Daily Business Weekly reported on April 16 in Beijing.The State Development Planning Commission (SDPC) and the State Economic and Trade Commission are jointly working on a directory, which will grant joint venture projects in the sectors with preferential tax incentives, the paper said. Zhang Xiaoqiang, director of the Foreign Fund Utilization Department under SDPC, was quoted as saying that the directory allows foreign-invested agricultural projects in West China to enjoy reduced import tariffs, income taxes and financial levies for land use. Foreign-invested companies in East China, especially in the coastal areas, are now encouraged to invest in the west to expand their businesses, according to the paper. China previously banned foreign-funded firms in East China from handling reinvestments in the Chinese market. According to the new directory, foreign-funded agricultural projects that meet the State's current industrial guidelines for foreign investment will have a 15-percent tax cut from their income taxes in addition to the preferential tax treatment now given to the country's foreign-funded joint ventures for their initial three years of operation.
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