Qianhai tax incentive approved
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Qianhai tax incentive approved
Author:Xinchengda   Article source: Shenzhen Xinchengda Financial Consultancy Co., Ltd.  Hits:737  Add time:2014-4-3  

SHENZHEN’S Qianhai zone has won State Council approval for a 15-percent corporate income tax incentive it will offer to firms in 

designated industries, Qianhai’s top authority announced late 

Monday.

 

 

 

The tax incentives have been in development for at least 21 months 

and are touted as a significant attraction for businesses 

considering Qianhai, a western Shenzhen development zone adjacent 

to Nanshan District. The corporate income tax rates for Chinese 

firms currently vary from 15 to 33 percent.

 

 

 

Zhang Bei, head of the Authority of Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone of Shenzhen,

 said Monday during an advisory committee meeting in Shenzhen that 

a list of industries that will benefit from the tax incentive 

would be released soon.

 

 

 

 

 

In addition, Zhang said 17 of 22 other preferential policies that

 the Central Government is allowing Qianhai to offer have 

materialized, and the remaining five are in the process of being

 implemented.

 

 

 

Touting Qianhai’s achievements to the zone’s 17-member advisory committee, Zhang said 5,197 firms registered in 

Qianhai accounted for total registered capital of 369 billion 

yuan (US$60 billion) as of March 14. Eighty percent of those firms

 are in the financial services sector, Zhang said.

 

 

 

The committee was established in 2012 and is chaired by Hua Jianmin,

 vice chairman of the Standing Committee of the National People’s

 Congress. It plans to add six members this year, including former 

China Banking Regulatory Commission chairman Liu Mingkang.

 

 

 

 

Zhang said deepening cooperation with Hong Kong will be a pivotal 

target of the zone this year, more preferential policies planned 

to lure Hong Kong companies and talented professionals.

 

 

 

The zone failed to attract much Hong Kong investment in previous

 land auctions, but aims to sell one-third of land to be sold 

this year or up to 15 lots totaling 2.6 million square meters to

 Hong Kong companies. Qianhai leaders also plan to build 4,717 

apartments and rent them at belowmarket prices to Hong Kong firms

 and professionals who relocate there.

 

 

 

Qianhai hopes to attract 100,000 Hong Kong permanent residents to 

work in the zone and 10,000 Hong Kong companies to register there

 by 2020, Zhang said.

 

 

 

The 15-square-kilometer zone won Central Government support in 

2010 as a pilot zone for developing modern service industries 

through cooperation with Hong Kong, but its appeal to Hong Kong 

companies has not been significant to date.

 

 

 

“Qianhai shouldn’t rush to follow suit and request every 

preferential policy other special economic zones have won, as 

every pilot zone has been given a different task than others,” 

said committee member Fan Hengshan, a regional economy director 

for the National Development and Reform Commission, the nation’s 

top economic planner.

 

 

 

 

“Qianhai is a zone to pilot cooperation with Hong Kong.

 Learning Hong Kong practices and merging with Hong Kong’s 

economy are its goals,” Fan said. “Qianhai boasts many 

advantages the Shanghai Free Trade Zone does not have.”

Hong Kong officials and businessmen agreed with Fan.

 

 

 

 

“Qianhai will be an empty notion if it can’t even deepen 

cooperation with Hong Kong,” said Jonathan Choi, head of The 

Chinese General Chamber of Commerce and chairman of Sunwah Group.

“We saw Qianhai increasing its communication with Hong Kong last 

year,” acknowledged Anita Fung, HSBC’s CEO for Hong Kong.

 

 

 

 

 “But Hong Kong businessmen still don’t know enough about the 

zone and aren’t buying into the idea. In addition to Hong Kong 

government and firms, Qianhai may need to enlist the help of

 industry associations, which also are influential in Hong Kong.”

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