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Suggestion of the State Council of the People’s Republic of China on the Related Issues of Promoting the Development and Opening-up of the Tianjin Binhai New Area
http://www.tj-summerdavos.cn 2014-09-08 19:49

III. To Fully Exert the TBNA’s Role as a Pilot Zone for China’s Comprehensive Supporting ReformsThe TBNA was recently approved by the State Council as a pilot zone for China’s comprehensive supporting reforms.

Closely following the master plan of the State Council and the CPC Central Committee and based on her practical conditions, the TBNA should make proactive explorations into some major fields of China’s development and opening-up. To push forward the development and opening-up of the TBNA and expand reforms to as many fields as possible, we need to achieve a balance between single breakthroughs and the overall innovation strategy, between the economic institutional reform and other reforms, and between local solutions and general solutions.

The TBNA is encouraged to take reform and innovation initiatives in the financial sector. In principle, pioneering reforms concerning financial enterprises, financial businesses, financial market and financial opening-up are allowed to be tested first within the TBNA. Based on the guidelines of scientism, prudence and risk controllability, experimental reforms can be conducted in industry investment funds, venture capital investment, mix-operation of the financial sector, multi-ownership financial enterprises, forex management policies, and offshore financing.

The TBNA is encouraged to carry out land administration reform. Based on the precondition of land resource economization and land efficiency maximization, the local land use structure will be further optimized, new land management methods will be created, and the reform of land administration will be intensified. Experimental reforms will be conducted in fields such as the turnover of rural collectively-owned construction land, the allocation of land revenues, and how to reinforce government’s control over land supply.

The TBNA is expected to expand its opening-up. The Dongjiang Bonded Port Area will be set up. To build Tianjin into a real-sense international shipping & logistics hub of North China, we will make a coordinated, rational and phase-in planning, innovate upon the existing institutions, and learn from international practices. The bonded port area within Dongjiang Port will focus on international relay, distribution, procurement, transit trade and export processing. To set up a feasible model and facilitate regional integration, positive efforts will also be made to find new administrative solutions to areas under special customs supervision.

The TBNA will also enjoy certain supportive tax policies. Within the administrative territory of the TBNA, hi-tech enterprises which can meet certain criterion will enjoy a preferential income tax rate of 15%. Referring to the preferential income tax policies implemented in the old industrial bases of Northeast China, domestic-funded enterprises in the TBNA can enjoy a higher standard for taxable salary and they are allowed to adopt accelerated depreciation on their fixed assets and intangible assets. With the existing fiscal system unchanged, the central government will also earmark special subsidies for the development and construction of the TBNA within a certain period.

Source:Enorth.com.cn

Editor: Zhang Jialu
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