Mainland China’s Catalogue of Encouraged Industries for Foreign Investment (2022 Edition) will come into force on January 1, 2023. In the revised catalogue, manufacturing will be the key sector for attracting foreign investment, with a further expansion in the scope of encouraged industries listed. Foreign-invested projects in encouraged industries will enjoy preferential treatment in areas such as taxation and land use. (CGTN)
The State Council has promulgated the Regulations on Promotion of the Development of Individual Industrial and Commercial Households for implementation beginning November 1, 2022. According to the regulations, Hong Kong and Macao permanent residents who are Chinese citizens can apply to register as individual industrial and commercial households in accordance with relevant state provisions. (China News Service; in Chinese only)
The Catalogue of Preferential Corporate Income Tax Policies for Nansha District in Guangzhou (2022 Edition) was recently released. It is noted in the catalogue that the corporate income tax rate is reduced from 25 % to 15 % for enterprises engaging in key high-tech and innovative technology industries, advanced manufacturing, biomedicines, shipping and logistics, modern services and finance. (Nanfang Daily; in Chinese only)
Luohu District in Shenzhen has unveiled a plan to speed up the deepening of integrated development between Shenzhen and Hong Kong. The plan includes measures to promote talent exchanges between the two cities, including the construction of a Shenzhen-Hong Kong young entrepreneurs’ centre and the introduction of a public housing guarantee scheme for Hong Kong and Macao talent. The scheme aims to provide housing guarantees to Hong Kong/Macao residents through either housing allocation or rent subsidies. (China Daily)
Shenzhen began implementing regulations to promote the digital economy on 1 November, under which the city will construct a big data centre and a standardised big data system for the Greater Bay Area. These measures will promote data sharing as well as mutual recognition and interconnectivity in digital certification systems within the GBA, thereby boosting the concerted development of the digital economy across the region. (Nanfang Daily; in Chinese only)