China to Open 3 Areas for Foreign Firms
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PEKING — China said Sunday that it would open three more coastal areas to foreign investment as part of a plan to open up the entire seaboard in order to invigorate its growing economy.
Three large areas in the Yangtze and Pearl river deltas and in the southeast province of Fujian would soon be open, the New China News Agency quoted a senior Chinese economic official as saying.
Zones on the Liaodong peninsula in the northeast and the Shandong peninsula in the east would follow and complete a continuous belt along the Chinese coast.
China already has four small special economic zones and has designated 14 coastal cities as centers of foreign investment and trade.
The government offers foreign firms in these areas incentives, such as tax concessions and easy repatriation of profits, in an effort to generate foreign exchange and attract management skills and high technology.
The government also hopes that a booming coastal strip will stimulate the economic development of inland areas.
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