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Ten Preferential Policies for Liangjiang New Area

Updated: 2014-01-07

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1. All enterprises in Liangjiang New Area, whether Chinese-funded or foreign-funded, which concern the industries that the central government aims to boost, will be taxed at a lower rate of 15 percent for business income tax, before 2020.

2. During the 12th Five-Year Plan period (2011-2015), all administrative charges and income, based on data for 2010, which concern the newly-added local income and construction projects in the new area - will be used as special development funds for enterprises to support advanced manufacturing and modern service industries in the area by means of investment and buying shares, fixed subsidies, issuance of cooperate bonds and discounted interest for loans, etc.

Ten Preferential Policies for Liangjiang New Area

3. In the area, quota for planned land use for construction will be listed as an independent item with preferential policies. Priority will be given to land use for construction according to the development plan.

4. Chongqing Municipal Government will set up a special fund with 10 billion yuan for infrastructure construction in Liangjiang New Area.

5. The state-approved Chongqing Industrial Investment Foundation will be prioritized and used in infrastructure construction and development of key industries.

6. For industrial enterprises in the industrial development zone of Liangjiang New Area: income tax that local governments will retain will be completely subsidized by the area in the first two years, and 50 percent will be subsidized in the following three years.

7. Enterprises in high-tech or strategic and emerging industries - during the first three years after they become profit-making enterprises - are able to enjoy a pre-tax deduction policy on risk compensation subject to various regulations.

8. Flexible land and house leasing policies will be adopted in the area. Key industries will enjoy two preferential policies for land use, and enterprises, scientific research institutions - in addition to universities and colleges engaging in science and technical research and development - will be eligible for subsidies for residences.

9. Projects conforming to national industrial policies in the area will receive assistance concerning project approval, land use, loan financing, technical development and market access.

10. Recently arrived high-ranking executives of large enterprise headquarters in the area will enjoy financial support such as allowances when they locate to Liangjiang New Area. In addition, incentive mechanisms will be set up to encourage talent introduction.

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Chongqing lies at the convergence of the Yangtze and Jialing rivers.

 

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