Shanghai: China says it will cut taxes and ease restrictions on cross-border money flows in the new free-trade area in Shanghai, a move that will likely attract more foreign investment and help counteract some of the effects of the trade war.
The Lingang Special Area, part of the existing Shanghai free trade zone, will lower the tax some companies have to pay on income to 15% from 25% for five years and offer some income tax subsidies to foreign workers with skills that are in high demand, the Shanghai government said in a statement. The 50 measures announced also include easing restrictions on property purchases, cross-border capital flows and currency exchange.
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