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Xinjiang Issues Preferential Policies for Foreign Investment
The Xinjiang Uygur Autonomous Region in northwest China has recently issued 15 preferential policies for encouraging foreign investment, according to information from the news briefing held Wednesday by Xinjiang government.
These policies are designed to give priority to some key industries, especially in land use.
These key industries include: all-round development of farming, forestry and animal husbandry, as well as intensive processing of their products; infrastructure construction of water conservancy, transportation, energy resources and other basic industries; construction of ecological environment and economic construction in small towns; and development of chemical industry, mining and tourism.
These policies mainly applied to the following: Foreign-funded enterprises engaging in agricultural production are exempt from agricultural tax for five years; foreign-invested enterprises set to operate for 10 years or more are exempt from local income tax; foreign-financed firms which invest in infrastructure construction and public welfare services can obtain the State land use right by the method of administrative allotment; and foreign-funded enterprises set to operate for 20 years or more may be exempt from land rent for five years.
To better serve foreign businessmen, the local people's government requires that an answer related to the examination and approval of the foreign-funded project and the handling of related certificates be given in five working days and procedures should all be gone through in 10 working days. Unchecked apportionment of expense, arbitrary collection of charge, indiscriminate fines and random inspection are prohibited.
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