(i) foreign investment law of the people's republic of china
to regulate and protect foreign investors that invest and conduct business within the territory of china, china’s relevant government departments have enacted corresponding laws and regulations to regulate foreign investment activities, which include both comprehensive regulations and special provisions on guiding direction of foreign investment. any foreign investment in china shall be established and operated in accordance with the relevant laws and regulations concerning foreign investment. this law shall come into force from january 1, 2020. the law of the people's republic of china on chinese-foreign equity joint ventures, the law of the people's republic of china on wholly foreign-owned enterprises, and the law of the people's republic of china on chinese-foreign contractual joint ventures shall be repealed simultaneously.
for specific relevant foreign laws and regulations, please see the section “comprehensive information about investment - policies and regulations” at http://igd.gdcom.gov.cn/.
(ii) preferential policies for foreign investors of guangdong province
(1)policies and measures of guangdong province on further expanding opening-up and actively attracting foreign direct investment (revised edition)
1.further expand areas of foreign investment market access. to comprehensively implement the special management measures for foreign investment access (negative list) (2018 edition), the province supports the establishment of wholly foreign-owned enterprises in the following areas, including special vehicles manufacturing, new energy vehicles manufacturing, ship design, manufacturing and repair, design, manufacturing and repair of trunk lines, branch lines and general-purpose aircraft, design and manufacturing of helicopters of 3 tons and above, design and manufacturing of drones and aerostats, construction and operation of gas stations, international maritime transportation, railway passenger transportation, etc.; to cancel the restrictions on foreign equity limit of chinese banks and financial asset management companies established in guangdong, support foreign banks to set up branches and sub-branches in guangdong at the same time; to support foreign investment to establish joint venture securities companies, securities investment fund management companies, futures companies, life insurance companies in guangdong and the foreign equity ratio shall not exceed 51%. to support foreign natural person investors working in guangdong to open a-share securities accounts. to deepen the opening-up of service industries in guangdong pilot free trade zone under cepa, to promote and expand the scope of acceptance and undertaking for associations formed by a hong kong or macao law firm with a mainland china law firm, to try out hong kong’s management mode in the field of engineering construction, and to take the managements of air-routes heading for hong kong and macao as the domestic special routes.
2.increase financial incentives for foreign investment. from 2017 to 2022, the new projects (excluding real estate, finance industry and similar financial industry, the same below) with annual actual foreign investment (excluding foreign shareholder loan, the same below) of more than $50 million dollars, the capital-increase projects with more than $30 million dollars and regional headquarters of foreign-funded transnational companies with more than $10 million dollars will be rewarded not less than 2% of its actual foreign investment of the year by the provincial financial funds, the highest reward can be 100 million yuan. for the fortune global 500 enterprises (the list of fortune shall prevail, hereinafter inclusive), projects newly set up or capital increment projects by the global industry leading enterprises in manufacturing industries with the actual foreign investment of more than $100 million, a newly-established iab (new generation of information technology, intelligent equipment, biological medicine) and nem (new energy, new material) manufacturing projects with the actual foreign investment of more than $30 million, can be given key support through “one discussion upon one project.” the headquarters or regional headquarters of foreign-funded multinational companies that have first contributed over 100 million yuan to the provincial financial year, will be given a one-time reward of 30 percent of the provincial financial contribution, with a maximum award of 100 million yuan. from 2018 to 2022, for the reinvestment projects in guangdong by foreign-funded enterprises using profits they made in china, the province will reward such enterprises according to their contributions to the provincial finance to support their expansions in guangdong and investment in guangdong encouraged projects. and other reward standards can be arranged by the local governments on the basis of the provincial awards.
3.strengthen safeguard of land use. foreign-invested manufacturing enterprises enjoy preferential policies on land use as required in policies and measures on decreasing the cost of manufacturing enterprises and supporting the development of real economy of guangdong province (revised edition). the lands for manufacturing projects with an actual foreign investment of more than 1 billion yuan and self-built office property lands of headquarters or regional headquarters of the top 500 global companies and leading enterprises in different industries around the world (hereinafter referred to as key foreign capital headquarters) will be jointly arranged by the provincial and cities governments in line with land-use planning indicators. for major foreign-funded projects that meet the conditions of incentive measures for major industrial project plan indicators in guangdong province, the province will reward with land use indicators according to the corresponding standards; for major foreign-funded projects that have an investment greater than 2 billion yuan and meet the investment intensity requirements and complete the land provision procedures, the province will fully reward land use indicators. if major foreign-invested projects are introduced in various places but there are insufficient indicators for land use in the current year, they may apply to the province for advance-reward incentive plan indicators. for high-standard factory buildings and industrial buildings constructed by national development zones, provincial-level development zones, and industrial transfer zones (industry transfer clusters), after the local governments confirm that the floor area ratio exceeds 2.0 and making application, the land used plan indicators will be returned by the provincial land and resources authorities. high-standard foreign-invested factories, industrial buildings and property rights of the self-built offices by key foreign-funded headquarters will be allowed for separate registration and assignment by taking one building or one storey as a basic unit, and the accumulative acreage for the separate registration and assignment of office property self-built by key foreign capital headquarters shall not exceed 40% of the total construction area. the foreign-invested enterprises that lease industrial lands can determine the lease term correction coefficient when being sure of the basic lease price according to the specific value between its lease term and available maximum term; the lease contract and payment voucher signed with land department can used for transacting planning and reporting procedures; during the lease term, the above-ground buildings, structures and ancillary facilities can be subleased and mortgaged. the government has implemented the reconstruction of the old city, which can be negotiated or leased to rearrange the industrial lands for foreign industrial projects that need to be relocated. the foreign manufacturing enterprises utilize the stock industrial real estate to develop productive service industry and establish spaces for makers and innovation workshops can use the land according to the original purposes and types of land use within 5 years, and transact in accordance with relevant provisions after the expiration of five years. such public service projects as medical treatment, education, culture, pension, sports, etc. jointly funded by foreign investment and government that can use allotted land is allowed to supply state-owned construction land through investment or shares buying.
4.support the r&d and innovation. to support foreign r&d institutions (including r&d institutions set up within enterprises, the same below) to participate in the construction of public service platform and government science and technology projects in guangdong province, and enjoy relevant supporting funds. from 2017 to 2022, the foreign r&d institutions designated as new research and development institutions by department of finance of guangdong province can receive a maximum subsidy of no more than 10 million yuan; those recognized as postdoctoral workstations and bicameral academician workstations can receive a maximum subsidy of 1 million yuan. the highest subsidy for approved innovation platform construction project of the provincial enterprise technology center is 2 million yuan. the top 500 global companies and leading enterprises in different industries around the world will be given priority support in accordance with “one discussion upon one project” when they newly set up foreign-funded r & d institutions which boast independent legal person qualifications in guangdong. strengthen the government procurement and support for pilot of innovative products, expand the scope of applicable products, and implement incentive measures about the government procurement for those products of foreign-invested enterprises that are approved into the list of provincially innovative products. the foreign medicine marketing authorization holder are encouraged to produce and settle the new first-class national medicines of the large varieties in guangdong province and green channel will be provided for entering the list of medical insurance medicines in guangdong and link-up with drug price negotiations and centralized purchasing work. the recognized foreign research and development centers that import technology development supplies will be exempted from tariff, import value-added tax and consumption tax, as well as be refunded the value-added tax when purchase domestic equipment. the foreign r&d centers can willingly choose the mode of advance inspection, booking customs clearance and articles release when import equipment, reagents and samples for research and development. to allow the foreign investment research and development centers to bonded import the key second-hand research and development equipment (with a term of entry no more than one year) and high value patent and first (set) major technical equipment insurance compensation mechanism shall be established.
5.intensify financial support. to utilize the guangdong industry development fund and give key support to global top 500 enterprises, global industrial leading enterprises and major multinational m&a project to carry out round-trip investments through equity investment with ways like equity investment. to explore financial management and service innovation in guangdong pilot free trade zone, support the enterprises with foreign investment in guangdong pilot free trade zone to conduct fully cross-border financing for domestic and foreign currency, and obtain domestic and foreign currency financing within 2 times net assets of external debt; to issue bonds in and out of the region, allow companies to reuse the repatriated funds raised abroad; lower the access threshold of cross-border capital pool; support transnational enterprise groups engaging in real economy to establish cross-border rmb capital pool; to apply for the pilot qualification to the state administration of foreign exchange for the business of operating and leasing foreign currency rent such as aircraft and vessels. to support the foreign-invested lease finance company in guangdong pilot free trade zone to conduct foreign currency settlement business; support foreign-funded enterprises to carry out the business of qualified overseas limited partners, and copy and promote them in the province in due course and carry out trials on the bundled collateral financing of intellectual property rights. encourage local governments to promote the “loan guarantee insurance / guarantee financial risk compensation” patent pledge financing model. foreign-invested enterprises enjoy the same support policies for the listing of private enterprises, the listing of “new three boards” and the financing of regional equity markets.
6.enhance talent support. to implement “guangdong superior talent card” and include the senior management personnel in foreign-invested enterprises and other seven categories of talents as the service objects, and gradually expand the use of “guangdong superior talent card” as proof of identity in guangdong province. the holders of “guangdong superior talent card” and their spouses and minor children who come from the mainland china are regarded as the registered permanent residence of the city, and enjoy the same preferential policies in personnel housing, education, medical treatment and old-age care. they can apply for a commercial endorsement (or business certificate) for hong kong and macao in guangdong, and their spouses and minor children may also apply for other entry and exit documents in guangdong. the foreign holders of “guangdong superior talent card” can apply for the within-five-year work permits and residence permit valid for five years for foreigners, and the time limit of business transaction will be promised to be less than one half of the legal limit; the foreign employees who are eligible to the relevant conditions are preferred to apply for permanent resident identity card. the designated foreign high-level talents can enjoy the convenient measures such as entry and exit, residence and employment of foreign homemaking workers. the high-level overseas returned talents who have come back to work in foreign r&d institutions can be directly identified senior titles. guangdong will gradually promote six exit and entry policies and measures for talents in support of the construction of guangdong pilot free trade zone.
7.reinforce intellectual property protection. to speed up the construction of china (guangdong) intellectual property protection center, and establish and improve the mechanism for the rapid examination, confirmation and protection of legal rights. to introduce the system of intellectual rights protection for foreign-invested enterprises. to carry out pilot reform of the comprehensive law enforcement of intellectual property rights, and establish a cross-regional and trans-department intellectual property case transfer, information notification and cooperation investigation mechanism. to strengthen special law enforcement of trademarks and strictly protect exclusive right to use trademarks for foreign invested enterprises. to establish an international intellectual property rights trading center, improve the work mechanism for patent-navigated industrial development and promote the transfer of high-value intellectual property rights. to promote the construction of trademark business acceptance windows and facilitate the registration and pledge of trademarks for foreign-invested enterprises. to establish joint assessment mechanism for intellectual property rights, risk sharing mechanism for pledge financing and rapid processing mechanism for hostage. to encourage foreign-invested enterprises to apply for and implement patents in china, whose inventions, discoveries and other scientific and technological achievements made in guangdong may be involved in the evaluation of various awards at all levels in guangdong province.
8.improve the level of investment and trade facilitation. comprehensively implement the pre-establishment national treatment plus negative list management mode. implement the “multi-certification integration” reform and “one window processing” of business registration and industrial and commercial registration of foreign-invested enterprises outside the negative list. to further standardize the government's examination and approval authority and standards, optimize the approval process for enterprises' investment, and compress the existing investment approved items and approval times by a quarter. reduce the time for setting up a foreign-invested company to within 5 business days. to delegate the power of establishing foreign-invested enterprises and changing record to the commercial departments at prefectural (municipal or regional) levels. the establishment and change of foreign-invested enterprises in the negative list with a total investment of less than us$ 1 billion shall be entrusted to the local governments for approval and management. to entrust the 18 items of provincial administrative licensing matters concerning the establishment and change of foreign-funded enterprises in such fields as medical institutions, travel agencies, gas stations to the relevant departments of people's governments at municipal level or above in accordance with the law, and gradually entrust to management committees of state-level development zones after conditions becoming mature. the business registration “bank securities express” service will be expanded to countries and regions along the “belt and road”, and promote the local registration of foreign investors and remote processing. simplify the materials which hong kong and macao investors who plan to invest in guangdong should submit, and carry out a pilot version of the simplified version of the commercial registration notarial documents. to allow head offices and branches of foreign-invested enterprises that carry out trans-regional operation in guangdong province and have independent legal person qualification to pay vat on a consolidated basis and their branch offices can pay it locally. to optimize the approval process of the flexible working hour system and comprehensive calculation working hour system, and reduce the time limit of business transaction by a third of the legal time limit. to positively explore the entrusted system of administrative approval for major foreign-invested projects and to reduce the time of goods clearance by a third.
9.optimize the environment for foreign investment in key parks. to support qualified national development zones to implement the administrative examination and approval authority model and "one-seal management examination and approval". to support to include the management of provincial development zones in the eastern, western and northern parts of guangdong province into provincial industrial transfer parks, and enjoy the relevant supporting policies of provincial industrial transfer according to the regulations. with reference to the preferential income tax catalogue of enterprises in qianhai in shenzhen and hengqin in zhuhai, the zones and the locals are encouraged to give reward for these newly-established foreign-invested projects within the state-level development zones according to a certain proportion of their direct economic contribution. the new foreign-funded projects in the provincial industrial transfer parks (industrial transfer clusters) will enjoy provincial financial support. all cities at or above prefectural-level will be authorized to approve the expansion and location adjustment of provincial-level development zones and approval results will be submitted to the provincial government.
10.improve the mechanism for foreign direct investment. to establish foreign investment attraction work coordination mechanism led by the main leadership of provincial and municipal governments, improve the “through express” mechanism in which the provincial governor could contact the multinational company directly, coordinate and solve the key issues that restrict foreign investment attraction at regular intervals, especially the world top 500 enterprises in guangdong. at the same time, establish a provincial joint conference on utilization of foreign capitals and implement the "one discussion for one project" mechanism of key foreign projects. to integrate and optimize overseas economic and trade offices of guangdong province, and accelerate the construction of an international investment promotion system in guangdong province. guangdong will also improve the complaint mechanism for foreign-invested enterprises and perfect the foreign-funded enterprise complaint and handling platform. it will standardize investment attraction in various cities, strictly fulfill the policy commitments made to investors in accordance with the law and earnestly implement all kinds of contracts and agreements signed in foreign business promotions. to implement preferential policy for foreign investment attraction group, give priority to the formulation of temporary overseas trip plan, and to support for priority clearance procedures.
(ii) innovative policies and measures of guangdong pilot free trade zone
◆simplified investment procedures
pre-entry national treatment is granted to foreign investors, where a negative list is applied in management of foreign investors. foreign investment projects not falling in the scope of the negative list will be administered on a reporting basis, and related reporting/filing documents will be easily accessed by the investors themselves.
we will establish a “one-code association” application model for enterprise license information to expand the application range of electronic licenses. a new registration system for enterprises will be launched, which will replace the redundant necessity of a business registration, an organization code certificate and a tax registration certificate with only a business registration and a unified social credit code. administrative examination and approval will be processed at the same service counters with public services online to streamline administration, together with an effort to deal with enterprise registration with only one service office, which will reduce the average time length of establishing new business within the pilot free trade zone to 3 days.
we will explore to establish a qualified and presumed regulatory demonstration area for enterprises and improve the credit information big data system of enterprises. supervision both during and after investment activities will be improved by focusing on applying the credit information of main market players. a unified system on sharing the credit information of entities will be put into use, and a new system featuring innovative joint punishment for cracking credit and joint supervision will be applied.
◆intelligent supervision
we will build “internet customs”. we will step up to build the “internet customs” platform, and promote “go internet” and “access all services via one website” of the customs business, basically covering all fields of customs business. we will harness the internet of things and information technology to build an intelligent cargo clearance system and provide intelligent customs clearance services.
we will work to build “guangdong smart maritime supervision service platform” to establish an intelligent marine safety management system; implement ai-enabled taxation; promote bim (building information model) technology in engineering construction.
◆facilitating trade
a border control and service mode featuring “frontier opening, second-tier effective and efficient control” will be applied in certain special areas requiring strict control within the pilot free trade zone, such as nansha bonded port area in guangzhou and qianhai bay bonded port area in shenzhen. zhuhai hengqin new area of guangdong free trade pilot zone will also implement such two-tier based management system under the guidelines of “frontier opening, second-tier control and separate control of people and cargo across the border” specified by the state council.
inbound cargos entering nansha bonded port area in guangzhou, qianhai bay bonded port area in shenzhen or zhuhai hengqin new area of guangdong free trade pilot zone (referred to as “the encircled area” hereinafter) shall cross the border by an inward manifest, and then go through the entry declaration procedures in a step-by-step manner. on the other hand, outbound cargos shall be declared before they are transported to the port. inspection and quarantine procedures are exempted for cargos stored and transported within the encircled area.
we will build the “internet easy clearance” system and a cross-border digital trade service platform, covering business innovations such as self-declaration, early classification, interactive inspection, self-service tax payment, etc., to meet the needs of enterprises to handle customs business through the internet anytime and anywhere.
an informational supervision and service platform of “smart port inspection” has been launched, which aims to realize paperless, online, barrier-free, threshold-free, cost-free and time-saving enterprise declaration within easy access, and it has been applied widely in various areas like transnational e-commerce, market purchase and export and parallel automobile import.
a “smart maritime platform” was also established, with a large pool of various maritime information on ships, crews, ship inspections, safety check and shipping companies. new systems were put in place, such as pre-declaration for ships entering or exiting the port. some ships may pass the port prior to inspection, therefore the waiting duration for inspection is greatly reduced, and thus most container liners and cruises may unload themselves once they are pulled into shore.
international trade will be handled on a one-office basis, which will provide the enterprises with one-stop electric port services. the office will cover as many as 18 functions ranging from cargo declaration, declaration of means of transport, cross-border e-commerce services to checking logistics. with this one office, 21 service departments are integrated, including the customs, inspections and quarantine functions, maritime sector, commerce sector and port authorities.
we will put in place a global import and export quality tracing system, achieving full chain closed-loop supervision of import and export commodities featuring “traceable source and destination” before, during and after the import and export. we will optimize the tracing system, which has covered trade methods such as general trade, cross-border e-commerce, and market procurement and export in areas of food, consumable goods, automobiles and other commodity categories. we will create a physical tracing center and promote the building of a comprehensive multifunctional entity center integrating tracing demonstration, business operation, risk analysis, intelligent early warning, public training and academic exchange.
◆financial innovation and opening up
guangdong pilot free trade zone took the initiative to innovate business in term of rmb transnational businesses, including loan granting, two-way bonds, two-way capital pool and two-way equity investment. these initiatives widened the two-way investment and financing channels between the free trade zone and oversea regions (hong kong and macao, for the most part).
innovative transnational investment and financing business gained momentum with the establishment of free trade account and the application of other incentives with a controllable level of risks. the management procedures of current account in foreign exchange receipts and payments were made much simpler. a pilot for full-aperture macro-prudential regulation of transnational financing kicked off. with these efforts, we aim for integrated management of transnational financing activities in both rmb and foreign currencies.
we will expand the scope of opening up for the financial market. under the guidance of the cepa framework, we will encourage financial institutions from hong kong and macao to establish their branches in the free trade zone at a faster pace, by lowering the threshold for them and easing the restrictions of the percentage of shareholding of financial institutions from hong kong and macao in financial joint ventures.
under the premise of legal compliance, we will gather pace in the research and application of blockchain and big data technology in the financial field and establish and improve the risk prevention and control system and emergency management system.
we will establish within the free trade zone a financial service system compatible with liberalization of trade and related service industries (such as commercial, technology, travel, logistic and information service sectors) in canton, hong kong and macao. the free trade zone take the lead in developing a joint clearing arrangement for e-checks between canton and macao, and the payment system of the two areas have already been aligned. payment services in the field of public services within the free trade zone have been open to the banking systems of canton, hong kong and macao. zhuhai hengqin new area was the first in introducing a transnational bank-issued bus ic card program in china.
◆channel more efforts in medical and health field
we will adopt special approval procedures for imported drugs and medical devices; ease the access threshold for medical institutions and foreign physicians. we will relax the restrictions on the proportion of foreign capital equity of joint ventures or cooperative medical institutions step by step, and pilot the liberalization of foreign capital to establish wholly-owned medical institutions in the pilot free trade zone.
◆seamless connection of guangdong, hong kong and macao cooperation platforms
we will build qianhai guangdong, hong kong and macao youth entrepreneurship zone. the qianhai service center for hong kong youths will be established to provide hong kong youths with one-stop exclusive entrepreneurial services such as start-up connection, information consultation and policy interpretation in the development of entrepreneurial zones.
we will build hengqin “macao new block”. we will learn from the macao construction model, with reference to the relevant standards and norms of community construction in macao. macao enterprises are responsible for investing in the construction of “macao new block” in hengqin, and strive to apply current macao policies and practices in the fields of education, medical care, social security, social management and community service.
◆ technology cooperation and innovation in guangdong, hong kong and macao
we will build a guangdong, hong kong and macao science and technology innovation policy system, promote the utilization of research funds across guangdong, hong kong and macao, and step up to build the guangdong-hong kong-macao science and technology cooperation platform. focusing on innovation support, entrepreneurial support, scientific and technological talents and scientific and technological services, we will step up research and formulate a series of policies supporting the development of innovative and entrepreneurial carriers, technology-based enterprises, technology service institutions, and technology financial services, and build a guangdong, hong kong and macao science and technology innovation policy system. the building of hengqin science city is in the pipeline and we will focus on the development of four strategic emerging industries of biomedicine, artificial intelligence, cloud computing and big data.
◆ innovating legal service system
trial measures for china (guangdong) pilot free trade zone and regulations for china (guangdong) pilot free trade zone was launched, and a corruption perception index was released to assess the honesty of the officials in relation to the free trade zone.
a court and a procuratorate were separately established for the free trade zone, which will have jurisdictions over cases on a trans-administrative regional basis. all cases will be registered, and trial and law enforcement will be made independent from each other.
we will promote international arbitration and mediation in dealing with disputes. we have established the arbitration association for free trade zones of china, the mediation association for commercial conciliation of guangdong province, hong kong and macao and other mediation and arbitration centers for international shipping, maritime logistics and international finance and etc.
we will improve the system for settling disputes on intellectual property rights and safeguarding the legitimate rights and interests of individuals. we have established the intellectual property right circuit court, the international intellectual property right trading center, and the center for fast safeguarding of legitimate intellectual property rights, international laws ascertainment and research center and the digital forensics lab of chinese academy of sciences. we will strengthen cooperation with foreign arbitration institutions and establish a cooperation platform for resolving international trade disputes.
◆ innovation in intellectual property rights protection
we will explore and improve the intellectual property attribution system that is conducive to stimulating innovation, optimize the intellectual property protection mechanism, accelerate to build china (guangdong) intellectual property protection center, strive for government support to set up intellectual property protection centers in various districts, and promote “one-stop” service model of prompt patent review, confirmation and rights protection.
◆ innovating management of talents
the free trade zone offers political supports to high-level talents from hong kong, macao and other countries to facilitate their border entry and exit, their stay in china, their project applications, their innovative and entrepreneur activities, their appraisals and incentives and provide services and safeguard for them. we will make special arrangements for two-way recognition of the qualifications of talents in the service sector in guangdong, hong kong and macao. a series of supportive policies were rolled out, such as the 16 exit and entry policies and measures concerning supporting the construction of guangdong free trade zone and innovation-driven development in guangdong province, opinions on supporting the development of talents in china (guangdong) pilot free trade zone and guidelines on recognizing high-level foreign talents in china (guangdong) pilot free trade zone.
we have established multiple platforms for innovative practices and business start-ups. among them are hong kong university of science and technology fok ying tung research institute, the silicon valley of qianhai shenzhen-hong kong modern service industries cooperation zone of shenzhen plus incubator acceleration platform, entrepreneurship workshop for youths of guangdong, hong kong and macao, dreamworks for youths of shenzhen and hong kong and hengqin-macao innovation valley for youths.
◆ tax management
the tax policies that have been trial in china (shanghai) free trade pilot zone may be performed on a trial basis in china (guangdong) free trade pilot zone.
nansha district of guangzhou has implemented a series of targeted supportive industrial policies, “1 1 10”, to spur development in key industries including headquarters economy, technological innovation, advanced manufacturing and construction, shipping logistics, financial services, business and trading and modern services and to strive for advancements in major aspects such as high-level talents, industry land developing and project introduction.
qianhai shenzhen-hong kong modern service industries cooperation zone of shenzhen reduces the corporation tax rate for industries and enterprises at a supportive rate of 15%; for overseas high-level and urgently needed talents who work in qianhai, if the amount of individual income tax paid exceeds the threshold of taxable income, 15% of the excess amount will be paid as fiscal subsidies.
hengqin district of zhuhai reduces the corporation tax rate to 15% for enterprises under encouraged sectors; and the difference between the amount of personal income tax paid by hong kong or macao residents who work in hengqin and the personal income to be paid under the tax rules of hong kong and macao will be subsidized.
tax refund bursement policies will be applied to overseas travelers.
