What Are Economic Development Zones?

Economic development zones can be divided into national development zones, provincial development zones, and municipal development zones according to their scale. According to the data of China Merchants.com, appropriate areas are designated by the state, necessary infrastructure construction is carried out, and one or two industries are concentratedly set up. At the same time, appropriate support and preferential treatment are given to enable the region's economy to develop rapidly.

economic development Zone

Some economic development zones are established to promote scientific research and develop high-tech industries, so they are also called technology development zones. Some are for the purpose of attracting foreign investment and expanding exports, so they often compare economic development zones with export processing zones. The economic development zone is an important carrier for the country to attract foreign direct investment, and has made significant contributions to the economic development process of China's reform and opening up.

In accordance with the relevant national industrial policies of foreign investment, the development zone will provide tax relief for encouraged projects of foreign direct investment enterprises (such as two exemptions and three halves of corporate income tax), preferential provision of industrial land and other preferential policies to attract various funds and entities Invest in factories and companies. Generally, such planned places are relatively large, with complete supporting facilities, which can drive the local economy to take off after attracting investment. For example, the Suzhou Industrial Park and Tianjin Development Zone, which are jointly developed by the Chinese and Singaporean governments, are successful examples.