China Unveils 225 Western Development ProjectsThe Chinese government unveiled a list of 225 projects with preferential policies for foreign investors, with the aim of attracting foreign investment to western and central regions.The list, contained in a circular endorsed by the State Council on June 16, was made public Wednesday by the State Economic and Trade Commission (SETC), the State Development Planning Commission and the Ministry of Foreign Trade and Economic Cooperation (MOFTEC). As a key step in developing China's central and western regions, the circular listed 225 projects as potentially profitable in 20 provinces. The projects range form agriculture to high-tech sectors, focusing on tourism, stockbreeding, agriculture, food processing, environmental protection, electronic equipment manufacturing and technical innovation. Foreign investors will enjoy tax exemption for importing related equipment and the exemption of value-added tax if they invest in projects listed in the circular. "Through channeling in foreign capital, we expect to bring in novel ways of scientific management and state-of-the-art equipment, which we believe will tremendously boost the development of these provinces," China Daily quoted Wang Wanbin, vice-minister of SETC as saying. To create a favorable environment for foreign investment, China has decided to upgrade seven provincial special economic zones to State level, namely those in Zhengzhou, Changsha, Hefei, Chengdu, Kunming, Guiyang and Xi'an. |
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