Nanning Area of Guangxi FTZ acts to attract more foreign investment
The Nanning Area of the China (Guangxi) Pilot Free Trade Zone has released preferential policies to attract foreign investment and support the development of its emerging manufacturing industry, officials from the China (Guangxi) Pilot FTZ announced on May 7.
The Nanning Area had seen 85 foreign-invested companies set up in the area by the end of March 31, with the total actual use of foreign investment reaching nearly $260 million.
Foreign-invested companies which begin manufacturing operations in the Nanning Area, with an accumulated foreign investment of more than $3 million put in place, can get a reward of 2.5 percent of the foreign investment, to a total of 10 million yuan ($1.6 million).
Companies managing emerging manufacturing that are newly-registered in the Nanning Area can get a subsidy of up to 300,000 yuan for carrying out preliminary work after being recognized by the authorities. These companies can also get a subsidy of up to 30 million yuan for each project when purchasing or renting standard factories for production.
Foreign-invested projects that meet with certain requirements can get a loan interest subsidy of up to 6 million yuan from the Nanning Area, with the aim of encouraging foreign-invested companies to expand investment.
Those which have already settled down in the Nanning Area are able to get a reward of up to 10 million yuan as long as they increase their registered foreign capital for the purposes of expanding production capacity, increasing research and development investment, or technological transformation.
Foreign investors are eligible to win a reward of up to 2 million yuan when merging with local Nanning companies.
Foreign talents including senior executives, high-tech talents and skilled talents will get rewards in their individual income tax.