From Financial Times:
With the passage through the Chinese parliament in the coming days of an innocuous-sounding bill on corporate tax, Beijing will be drawing a symbolic close to nearly three decades of ­policies favouring foreign investment.
Companies with part foreign ownership and projects in nearly 60 specially designated economic zones at present pay a corporate tax rate of 15 per cent – less than half the 33 per cent levied on local enterprises.
The first special economic zone was set up in Shenzhen in 1980, as a way to attract and quarantine foreign investment but such zones have since proliferated as localities competed to lure overseas money.[Full Text]
