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China to Issue Unified Codes for Western Development
The Chinese central government will soon put into operation a set of unified codes for the implementation of the ambitious strategy of developing the west, a high-ranking official said Saturday.
"This is to prevent local governments from offering preferential policies beyond their authorities to woo investments," said Zeng Peiyan, minister in charge of the State Development Planning Commission, at a meeting of China's National People's Congress Standing Committee.
The new codes will outline the principles that allow for favorable policies, including tax breaks, loans and government subsidies, pricing and fee adjustment, and foreign investments utilization.
Infrastructure, ecological environment, industries of local characteristics, technological development and education will be the key areas for western development, he said.
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