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Shanghai Tax Incentives in Efforts to Open Up

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Xu Kuangdi, mayor of Shanghai Municipality, said that Shanghai would focus its efforts on Tax Incentives when opening up to the outside world.

Firstly it will improve the investment policy, with the focus on attracting funds from multi-nationals under the precondition that it would treat foreign businesses equally without discrimination, in order to build Shanghai not only into an R&D centre, management centre and operation centre in the Yangtze River Delta, but also within the whole of China and Asia-Pacific region as well.

Secondly, link the opening up closely with industrial structure improvement. After WTO membership, Shanghai can now concentrate on construction of an IC and micro-electronic industry base, the Shanghai Chemical Industry Zone, the Shanghai International Auto Town and the BaoSteel Quality Steel Production Base, for the purpose of raising the industry's technological level.

Thirdly, expand the opening of the service industry, especially the financial sector according to the commitments made by the Chinese Government. It will make efforts in opening up new sectors including funds, securities, foreign exchange, insurance and gold. It will also develop modern logistics, this new type of industry attracting world famous logistics companies entering Shanghai. Other new sectors that need to become less closed are e-commerce, as well as telecommunications, tourism, intermediary sectors, and transportation.

Fourthly, it will step up reform of the investment and financing system to attract foreign funds with Tax Incentives and into the construction of urban infrastructure facilities and other projects.

Shanghai will introduce funds into construction of (a) deep-water port(s), small towns in the suburbs, and facilities of rail transportation, city water supply and drainage, whilst allowing and encouraging foreign capital to take part in strategic restructuring of the public economy. At the same time, it will seek multi-form methods with the use of foreign funds in the fields of scientific research and education.

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