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Quzhou rolls out investment promotion policies

chinadaily.com.cn| Updated :2020-04-03

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Quzhou, East China's Zhejiang province, announces its investment promotion policies on March 31. [Photo/qz123.com]

Quzhou, East China's Zhejiang province, announced its new investment promotion policies on March 31, local media reported.

Projects will be exempt from enterprise income tax for the first three years after they begin operating and will only have to pay 50 percent of the regular tax rate for the following two years. In addition, their senior managers and high-profile professionals will receive awards of up to 100 percent of their individual contributions to local finances during the first three years of operation.

Industrial projects that lease factories will receive subsidies equal to the amount they pay in rent over a period of three years, while those that purchase idle factories will be awarded an amount equal to 80 percent of their contributions to local finances during the transaction.

In addition, purchasing subsidies of up to 200,000 yuan ($28,000) per house for up to 100 houses will be awarded to employees of new projects in Quzhou with at least one billion yuan in fixed asset investment, and another 100 houses will be allocated with such subsidies if the fixed asset investment is increased every one billion yuan.

Companies outside Quzhou will be awarded an amount equal to 100 percent of their contributions to local finances over the first three years and 50 percent of their contributions in the following two years after purchasing or merging with a local company.

Middlemen (including natural persons, legal persons, and social organizations) that convince projects with independent legal identities to register in Quzhou will receive awards of up to three million yuan.

In addition, the local government also allocated 898 million yuan to support the development of companies involved in scientific innovation, trade, agricuture, culture ,and or tourism that invest in Quzhou.