L . Economic and Technological Development Zones (ETDZS)

Since 1984, PRC has approved the following ETDZs

Caohejing, Changchun- Chongqing-

Dalian; Dayawan; Fuzhou,

Guangzhou; Hangzhou, Harbin-,

Hongqiao- Kunshan- Lianyungang;

Minhang; Nansha; Nantong- 7

Ningbo; Qinhuangdao- Qingdao;

Rongqiao; Shenyang-, Tianjin;

Weihei- Wenzhou- Wuhan-

Wuhu- Xiaoshan; Yantai;

Yingkou; Zhan'iang- Zhangzhou.

Foreign invested enterprises located in the ETDZs ar eligible for the following preferential treatments-.

1. In general, enterprises are eligible for a reduced corporate income tax rate of 15%. Certain types of enterprises may be exempt from the VAT and Commercial Taxes.

2. Enterprises with long-term (1 0-year or more) operation periods may be tax-free for the first two profitable years and the corporate income tax may be reduced in half for the next three years. High-tech enterprises may enjoy this reduced income tax for three more years.

3. Expoer-oriented enterprise with annual export value greater than 70% of its yearly production output in any year is eligible for a flat income tax rate of 1 0% for that year.

M. Coastal Open Economic Zones (COEZS)

Since 1985, PRC has established COEZs in the following areas:

Liaodong Peninsular, Pearl River Delta, Shandong Peninsular, Triangle Area (i.e., Quanzhou, Xiamen and Zhangzhou), and Yangtze River Delta.

Foreign invested enterprises in the COEZs may enjoy the following benefits:

1. In general, enterprises are eligible for a reduced corporate income tax rate of 24%. Certain types of enterprises may be exempt from the VAT and Commercial Taxes.

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