Foreign investments in Pudong sci-tech industries eligible for tax cut
Shanghai is offering tax breaks to foreigners investing in sci-tech innovation in the Pudong New Area in order to inject new impetus to China's benchmark of independent innovation.
Seven foreign-funded R&D centers, operated by Dow, General Motors, Fosun Kite, Beken Corporation, Thyssenkrupp, Credo and Siemens Healthineers, have been awarded certificates as the first in Pudong to be exempt from tariffs on imported equipment, value-added tax and consumption tax, while enjoying other preferential tax policies.
They engage in promising sectors like biotechnology, chip manufacturing and medical apparatuses.
More convenient services and favorable policies are facilitating customs clearance of biomedical supplies and items used for R&D, helping to solve problems in operation, according to Kong Jun, senior vice president and general manager of Siemens Shanghai Medical Equipment Ltd.
"We will accelerate our pace to develop high-end medical technologies here in China and upgrade local innovation," he added.
Meanwhile, Pudong has released 10 measures to encourage foreign investors to set up independent R&D centers and open innovation platforms, especially global R&D centers that engage in advanced research.
The measures also underlined concerns on talent. To name a few:
Authorities will help high-end foreign talent obtain permanent residence (green card), work permits, residence permits and port visas, and facilitate exit & entry of their families and family visa extensions.
Authorities will also give housing support to eligible talent, help senior executives obtain APEC Business Travel Cards, and even grant hukou (household registration) to highly sought after talent.
Shanghai has the most foreign-funded R&D centers on the Chinese mainland, with nearly half in Pudong.
By the end of February, 254 foreign-funded R&D centers have landed in Pudong, including seven global centers.
Mainly in key industries like biomedicine, information technology and auto parts, they play an important role in boosting local innovation, and support Shanghai's development to become a global innovation center.
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