New innovative policies in Xinjiang’s two economic development zones will further strengthen the region’s “bridgehead” position for China’s opening up to Eurasian countries.
The development and reform commission of Xinjiang Uygur autonomous region on Tuesday introduced new policies to help with the development of special economic zones in Kashgar and Horgos, two border cities along China’s northwestern frontier.
The policies cover areas of administration, finance, tax, land use, industry and attracting talented professionals.
Financing difficulties in infrastructure construction and a lack of investment have troubled Kashgar and Horgos since economic zones were set up in the areas in 2010. Newly approved measures will hopefully offer solutions to breaking the shackles of the system.
The document clarifies that the two management committees of the zones are allowed to exercise administrative powers and coordinate and guide departments in the economic zones.
Preferential financial and taxation policies are also being put forward by both regional and local governments. A subsidy of50 million yuan ($8 million) will be allocated to the two zones separately each year for infrastructure construction.
In addition, funds will be set up to support industry, motivate talents, finance scientific research and encourage entrepreneurship. The introduction of equity incentives will look to attract scientists and management professionals.
Total local incomes during the ten years starting from 2012 to 2021 will be for the two management committees to use to support construction of the economic zones and industry development.