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Roundup: Seminar Showcases China's Strategy on Western Region Development
A seminar showcasing business opportunities and policies on the development of China's Western Region was held Thursday at the Hong Kong Convention and Exhibition Center.
It was the first of its kind since the observational visit to the region by a delegation composed of key figures of Hong Kong enterprises a month ago.
A delegation of high ranking officials from the mainland, who are in charge of the Western Region Development in 12 provinces, autonomous regions and municipalities, introduced at the seminar the latest development of China's policies and business opportunities for overseas investors. Over 500 economists, businessmen, foreign diplomats, and local officials attended the one-day event.
"Although overseas investment in the fundamental industry, infrastructure and resources exploration in the Western Region will experience long period of return, it can enjoy stable return rate," said Gan Ziyu, member of the Standing Committee of the National People's Congress.
On progress, priorities and policies on Western Region Development, Li Zibin, deputy minister in charge of the State Development Planning Commission, highlighted 10 preferential policies on taxation, land, resources, trading and technological cooperation to encourage more foreign investment.
According to Li, enterprises with foreign investment engaging in the industries promoted by the State Council may enjoy a rate of profit tax of 15 percent, and profit tax at local levels may even be exempted.
"Foreign banks in the Western Region are allowed to operate business of Renminbi and invest in sectors of telecommunications, insurance and tourism," said Li, who is also Deputy Director of the Office of the Leading Group of the Western Region Development of the State Council.
Speaking of foreign investment in construction of infrastructure and projects with preferential treatment, Li said the restrictions on shareholding ratio of foreign investors are relaxed. As a matter of fact, no ratio restriction will be imposed on projects financed in Renminbi, he added.
In his speech on priority localities and industries with local characteristics of the Western Region Development, Ning Jizhe, deputy director of the department of the comprehensive planning under the leading group office, said that the adjustment on industrial structure is focused on strengthening the development of agriculture and enhancing the exploration of advantageous resources by developing high-tech industries and tourism.
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