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Zhejiang Travel China

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GDP: Zhejiang's GDP in 2001 was 670 billion Yuan, 10.5 percent more than that of the previous year.
Average GDP per capita: Zhejiang's average GDP per capita in 2001 was 14,700 Yuan, an increase of 9.7 percent over the previous year.
GDP ratio: The GDP ratio of the three industries has been adjusted from 11.0:52.7:36.3 of the previous year to 10.3:51:3:38.4.
Poverty alleviation plan: The registered unemployment rate in urban areas is 3.7 percent, or 240,000 people. According to the recent following-up survey, the most difficult problems of the unemployed are medical care and the their children's education. Zhejiang Province leads the country in establishing s social security system, which now guarantees the lowest living standard of 30,000 town people and 236,000 rural residents.
Revenues: The general planned annual revenue is 85.6 billion yuan, of which the general local revenue is 50.07 billion yuan, 30 percent and 46.1 percent more respectively over the previous year.
Industrial output: The province's annual large-scale industrial added value has reached 178.1 billion yuan, an increase of 12.5 percent over the previous year. Of this, that from rural industries rose 14.7 percent; foreign-investment enterprises, 14.3 percent; incorporations and stock-holdings, 13.8 percent; private and other economic forms, 14.3 percent, all higher than the province's average. Since 1999, the investment put in technological reforms has been increasing 20 percent each year. The characteristic industrial parks and bases have become effective carriers of the province's industrial and technological reforms and help upgrade the competitive ability of the local economy. With a rising competitive ability on the market, the province's traditional industries have increased its market share in the country. During the first 11 months of 2001, profits made out of Zhejiang's textile, garment, leather and machinery industries occupied 34.5 percent, 32.1 percent, 30.1 percent and 27 percent respectively of the nation's total in the corresponding period. At the same time, Zhejiang Province has been focusing on building high-and-new-tech industries, with the realized added output value of 31.05 billion yuan in the year, an increase of 13.8 percent over the last year. The export of high-and-new-tech products rose 46.0 percent.
Agricultural output value: Since the market-centered system for grain purchase and sale was put into practice in 2001, the province has built grain-producing bases in other provinces and further improved its local storage facilities. While reducing grain production remarkably, the province has expanded the farming of economic crops. Meanwhile, it encourages the farmers to design their production according to the market demand and pay attention to efficiency. The province has 1,,939 hectares of cultivated land for grain production, a 15.7 percent decrease compared with the previous year. The acreage for economic crops has increased 6.6 percent, of which the land for high-profit economic crops, such as vegetables and melons, medical materials and flowers, has increased by11.4 percent, 19.0 percent and 76.2 percent respectively. Animal husbandry and aquaculture have developed favorably, with the total meat output reaching 1.271 million tons and the total aquaculture output, 1.39 million tons, an increase of 8.3 percent and 7.0 percent respectively compared with the previous year. The restructuring of agriculture made the rural residents' income from farming grow for the first time since 1997, and their average per capita annual income has reached 990 yuan, an increase of 3.8 percent.
Foreign trade: Although the global market has been sloppy, Zhejiang's foreign trade expands, owing to the province's effective measures to strengthen the support for the export enterprises. The total turnover of the import and export reached US$32,800 million, an increase of 17.8 percent over the previous year, with US$9,820 from import, an increase of 17.1 percent, and US$23,000 from export, an increase of 18.2 percent, and 6.2 percent more than the planned target. According to the status of the latter half of the year, the growth of the foreign trade fell, but the export in the third quarter kept increasing month after month. The export of September set the record in history. The export to the United States, Africa, and Latin America kept relatively rapid growth, with the increasing scope of 21.4 percent, 30.3 percent and 30.3 percent respectively. The increase of industrial export turnover occupied 29.9 percent of that of the province's total industrial sales output value.
Foreign investment: The province approved 2,310 foreign funded enterprises in 2001, their contracted investment totaling US$5,002 million, of which US$2,210 having been put into the place. These figures increased 99.9 percent and 37.1 percent respectively over the previous year.
Pillar industries: Textile, garment, leather, machine-making, electronics and telecommunicating equipment, petrochemistry and pharmacy.

Machine-building industry: Targets of development:
? Automobile parts and moulds, especially that for cars;
? Equipment for treating city sewage and industrial wastewater; large-scale high-temperature resistant and acid-resistant dust separator and equipment for desulfurizing and nitrogen fixation for coal boilers;
? Large-scale air-separating equipment with the capacity of over 30,000 cubic meters; computerized electronics meter sets;
? Nuclear power accessory equipment of mega KW; multi-color sheet-fed offset press; agricultural mechanical complete equipment; new-typed complete set of textile machines and complete equipment for papermaking (including paper pulp);
? High-voltage & extra-high-voltage insulating material, new-type meter components, parts and materials;
? The making of digital-control machine tool and functional parts, hydraulic-pressure components, pneumatic components, seal components, precision bladder mould, precision bearings;
? The investing machinery & electric products in new fields and consuming products for lifting people's living standard.
Electronic and information industry: Targets of development:
? Telecommunication products: digital cellular mobile telecommunication system; exchanging electric machine network system;
? Digital operating products: network products such as software, IP, WEB TV, intelligent multi-user card, modem, displayer and network value-added services;
? Digital video products: DVD products, AV player, digital voice products, multimedia products;
? New-type components and parts: SMD and SMC sheet components and parts, IC, display parts, UHF surface filter, thick film circuit, thin film VFD, new-generation high-level electronic materials.
Petrolchemistry industry: Targets of development:
? Raw materials industries such as petrolchemistry, synthetic materials, and new building materials;
? Fluorides chemistry, refined chemistry, dyes, medicine, pesticide and its intermediate and organic chemical materials;
? Establishing modern chemical industry bases with high-and-new technology and characterized industrial parks for refined chemistry.
Pharmaceutical industry: Targets for development:
? Production of medicines and raw-material medicines of foreign patent or under Chinese administrative protection; and intermediates that are required to be imported originally;
? Production of raw materials and preparations to decreasing the cost through adopting new technology, improving the quality of the products and strengthening the competitive ability;
? Production of medical preparation according to GMP by adopting new technology;
? Production of new medicines for the treatment of cancer, cardiovascular-disease and other medicines produced by applying biotechnology;
? Research and exploitation of natural medicines, traditional Chinese medicines;
? New biochemical medicines;
? Medical appliances of intelligentization and equipments that have combined optical, mechanical and electronic technologies in one;
? New medicine packing materials and containers;
? New sanity materials and accessory materials.
Agriculture: Targets for development:
? The high-value-added agricultural products, byproducts, and local products, especially silkworm, tea, famous local fruits, green vegetables, mushrooms, bee products and flowers;
? Grains for feedstuff and industrial use;
? Production and refined procession of fine-breed beef, lamb, fowl, egg and milk; high-value-added animal husbandry;
? The development of newly explored seashore land and mechanization of sample agricultural areas.

Local income taxes:
1. Foreign invested enterprises with more than 10 years of management term who meet any of the following conditions, after their applications being approved by the city or county tax departments, may be exempted from paying the local income tax for five to 10 years from the first profit-making year:
Export-oriented enterprises and hi-tech enterprises;
Projects of dense technology and knowledge;
Projects of an investment of more than US$30 million, and need a long term for capital recovery;
Projects concerning the construction of energy, communication and ports;
Sino-foreign joint ventures engaged in port construction;
Officially recognized high-tech enterprises established in high-tech industrial development zones;
Enterprises engage in agriculture, forestry, husbandry and aquiculture;
Production-oriented enterprises in backward or mountainous counties of the province.

2. Export-oriented enterprises, whose exporting output volume of the year takes up more than 70 percent of the total output value, may be rendered half taxes after the expiry of tax exemption. Advanced-tech enterprises may enjoy three more years a half reduction of taxes after the expiry of tax exemption mentioned above.

3. Companies has a management term of over 10 years but cannot meet the above conditions, after their applications being approved by the local tax departments, should be exempted from paying taxes for the first two years beginning from the profit-making year; from the third to the fifth year, their tax should be cut 50 percent.

4. Tax should be paid according to the following rates after the expiry of the tax exemption and decrease:

Manufacturing enterprises in economic and technological development zones1.5 %
Manufacturing enterprises in coastal economic and technological development zones 2.4 %
Other enterprises3.0 %

Personal income tax:

Foreign employees working in foreign-funded enterprises with a salary of over 4,000 yuan should pay personal income tax for the exceeding part accordingly:

LevelExcess volume
(the income volume required for taxes)Tax RateAmount of money for quick check
1500 and less 5 %0
2500 ¨C 2,00010 %25
32,000 ¨C 5,00015 %125
45,000 ¨C 20,00020 %375
520,000 ¨C 40,00025 %1,375
640,000 ¨C 60,00030 %3,375
760,000 ¨C 80,00035 %6,375
880,000 ¨C 100,00040 %10,375
9Over 100,00045 %15,375

Import tariff and import value-added taxes:

As for the encouraged and limited-B foreign invested projects with the technical transfer, as regulated in Guiding Index of Foreign-invested Industries, the import of the equipment and the corresponding accessories, parts and techniques for their own use and with the cost included in the total investment, excluding the commodities listed in Commodity Index of the Foreign Invested Projects without Tax Exemption, should enjoy the exemption of import tariff and import value-added taxes.

Income taxes of enterprises:

Foreign-invested manufacturing enterprises with over 10 years of management term should enjoy the exemption of the tax for the first two years from the profit-making year, and from the third to the fifth year, their tax will be halved.

1. Joint ventures engaged in the construction of ports and decks, with over 15 years of management term, after being approved, are exempted from their taxes for the first two years and pay half of the taxes from the 6th to 10th year starting from the profit year.

2. Advanced-tech enterprises may extend the half-tax period for another three years after the expiry of tax reduction or exemption.

3. Export-oriented enterprises, whose exporting output volume of the year takes up more than 70 percent of its total output value, should be half-taxed after the expiry of their tax reduction and exemption period.

4. Foreign-funded manufacturing enterprises established in coastal economic and technological development zones, after getting approval, pay 15 percent of the tax if they are engaged in any of the following:

Projects of dense technology and knowledge;
Projects with more than US$30 million foreign investment, and with the long term of capital recovery;
Construction projects of energy, communication and ports;

5. Officially recognized high-tech foreign-invested enterprises located in the high-tech industrial development zones defined by the State Council pay 15 percent of the tax.

6. Companies should pay tax according to the following tax rate after the expiry of their tax exemption and decrease period:

Manufacturing enterprises in economic and technological development zones15%
Manufacturing enterprises in coastal economic and technological development zones 24%
Other enterprises30%

Land-us policies

As for the land use, the foreign invested enterprises may apply to the local government and also may obtain the rights for land-use from other land-users by contract, transfer or other methods. The charge for the land-use will not be adjusted within five years from the day when the land-use is authorized. Adjustment will be done properly according to the practical situation. Interval between the adjustments should be three years or longer, and the adjusting scope should not exceed 30 percent of the previous one. The land-use rate should not be adjusted if the expense has been taken as part of the investment.

Export-oriented enterprises and advanced-tech enterprises, except being located in busy city districts, are exempted from paying land-use fee for five years beginning from the day when the land use is authorized; they will be charged half of the price during the period from the sixth year to the 10th year. Other manufacturing enterprises are charged half of the land-use fee during the first five years beginning from the day when the land-use right is authorized.

Industrial policies

On the basis of the present industrial structure status of Zhejiang Province and the requirements for restructuring, foreign investors are especially encouraged to involve in development and cooperation in the following fields:

Projects concerning the development of agriculture, forestry, water conservancy and electricity network, and the construction of urban infrastructure.

Large-scale Projects that develop high-quality and raw materials such as petrochemistry, synthetic materials, new construction materials and metallurgic smelting, molding and stretching processing, with reference to the coastal deep-water harbors and existing enterprises in the province who use resources at home and abroad, as well as non-ferrous minerals in Zhejiang Province.

Projects that can enlarge export, enhance the industrial developing level, speed up the development of four guiding industries, namely, machinery, electronics, chemical and medicinal industries as well as the overall transformation of textile, silk, and cement industries and that can improve deep processing as well as technologic levels, or that can save resources and materials.

Projects involved in electronic industry, communications, integrated mechanical electronic apparatuses, new materials, biotechnology and other high technologies.

Manufacturing projects that comprehensively utilize resources and recycled resources and that concerns the new technology and equipment for preventing environmental pollution.

New-tech projects aiming at deepening procession of agricultural and accessory products as well as other export-oriented agricultural projects.

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