Guangzhou, capital of Guangdong Province (newsgd file photo)
On Dec 1, 2010, Chinese government began to levy two taxes from overseas-funded companies and individuals, namely urban maintenance and construction tax, and educational surtax. This marks the end of super preferential tax policies for overseas enterprises. However, this has not shaken Guangdong s position as a hot destination for foreign investments.
Statistics from Guangdong Foreign Trade and Economic Cooperation Department shows that this year from January to February, Guangdong has approved 786 FDI projects, 20.74 percent more than the same period of last year. The contracted and actual utilization of foreign investments reached 3.824 and 2.363 billion USD, up 67.32 percent and 10.07 percent respectively.
Harley Seyedin, President of American Chamber of Commerce in South China said, Guangdong has advanced infrastructure facilities and high-end logistics and supply chain, which is the most important reason that attract our member enterprises.
"Guangdong will be a Hi-Tech base for the members of American Chamber of Commerce in China or even in the whole Asia, Harley added.
(By Yan)
