China to launch special tax policy in Shanghai Free trade zone

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China to launch special tax policy in Shanghai Free trade zone

On Tuesday, the 6th of August 2019, amid debarkations of trade warfare doldrums, China said that it would soon bring forth a special tax policy for the newly expanded Shanghai Free Trade Zone aimed at upscaling free trades further in China which has long been a potential conflict of interest over its trade talks with United States.

While a Sino-US yearlong trade dispute has been ratcheting up tensions across every corner of world and spurring frets of turning it in to a full-blown economic war, Beijing’s latest move to expand its Shanghai Free trade zone would likely to head off some heeding worries winding beside the blues.

In point of fact, the state council of China had said in statement at its website on Tuesday (August 6th), aside from an expansion of Shanghai free trade zone, China would grant crude oil import licenses to qualitied bidders and proffer a preferential tax policies for the foreign firms operating in AI, semiconductor industry, biopharmaceutical sectors alongside civil aviation.

Although the State Council of China did not provide further details, but, a Deputy Mayor of Shanghai, Chen Yin had been quoted saying at the later part of the day that foreign companies would likely to be exempted from customs’ duty charges for goods stored in the free trade zone.