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Yangpu Economic Development Zone

Updated: investinchina.chinadaily.com.cn
Ships are busy loading and unloading at a port in Yangpu Economic Development Zone. [Photo/WeChat account gjlydsb]

Location and Resources

Located in the central area of the Pan Beibu Gulf, close to the ASEAN free trade area, Yangpu Economic Development Zone covers an area of 31 square kilometers on Yangpu Peninsula in the northwest of Hainan Island, and has a coastline of 24 kilometers. It is China’s closest petrochemical reserve base to the oil and gas resources of the South China Sea and the petroleum resources of the Middle East.

Yangpu is a crucial point in terms of connecting China and Southeast Asia, as the transportation of cargo circulating back and forth between these different markets must pass through this port. The Port in Yangpu is deep all the way into shore, sheltered from the wind and with nearly no silt. It is open for shipping business more than 300 days a year. Currently, there are 45 shipping berths in Yangpu port, including 31 berths weighing over 10,000 tons, with a total shipping capacity of over 100 million tons and superior port facilities. Also, there are 31 domestic and foreign trade routes connecting southeast Asia, the Pearl River Delta, the Yangtze River Delta, Bohai Bay and other major ports.

In Yangpu, an international kindergarten and an international school teaching Grade One and Grade Two are now under construction, along with a large-scale coastal international community complex and a top-ranking hospital. Everything you might need - like housing, business apartments, coastal parks, starred hotels, stadiums, high-end office buildings, and city visitor reception halls - can be provided in Yangpu, and every investor and entrepreneur will, without doubt, find a comfortable home there.

Developing Positions

The zone aims to build an industrialized coastal city with superior functions and a beautiful environment. It will be built into a pilot zone and demonstration area for free trade port construction, and will be a high-quality development growth pole in Hainan province.

The zone focuses on oil and gas chemicals, oil and gas reserves, commodities and international energy trading, international port and shipping logistics, and marine equipment.

Achievements

Yangpu is China’s first national development zone open to foreign business. It is a melting pot of converging culture from the East and the West. Many foreign-invested companies manufacture products here, right alongside domestic businesses, and large-scale equipment from abroad, made with advanced technology and meticulous craftsmanship, has been installed here.

With 28 years of experience and accumulated wisdom, Yangpu has already become a uniquely beautiful symbol of development in Hainan. More and more modern industrial companies are settling down here, while a string of major high-tech projects have been put into successful operation. The number of industrial chains related to petrochemical aromatics has grown, the integrating effects of a ten-million-ton oil refinery have been felt, and ten million tons of commercial oil and gas reserves are in operation, making this China’s largest commercial petroleum reserve base. An integrated paper industry involving 3,500,000 tons of paper has also evolved, and its industrial output accounts for 40 percent of Hainan’s total, making it a true fountainhead for Hainan’s economic development.

Policies

1. Support for Corporate Headquarters

For production enterprises, VAT support can equal 6.5 percent of the tax paid, and enterprise income tax support can equal up to 13 percent of the tax paid.

For trade companies, VAT supported can equal up to 28 percent of the tax paid, and enterprise income tax support can equal 21 percent of the tax paid.

For service firms such as the transportation and third party logistics industry, VAT support can equal 39 percent of the tax paid, and enterprise income tax support can equal 21 percent of the tax paid.

2. Talent rewards

Overseas talents (including those from Hong Kong, Macao and Taiwan) employed in Yangpu Economic Development Zone are entitled to a personal income tax subsidy equivalent to the amount they have paid for the part that exceeds 10 percent of their taxable income.

3. Rewards for attracting investment

Introduction of foreign capital and domestic projects with substantial investment: the highest reward for a single project is 10 million yuan ($1.53 million). Introduction of tax enterprises: the highest reward for a single project is 3 million yuan.

4. Promoting the development of advanced manufacturing industries

The maximum reward for the settling down of a world Top 500 or China Top 500 enterprise in the zone is 20 million yuan. In the first three years, full support will be given to the provincial and local retained parts of enterprise income tax, and full support will be given to the local retained part of enterprise value-added tax. Land will be supplied at cost; the maximum support for investment in fixed assets will be 100 million yuan; and discounted interest will be granted on loans. Free plant renting for three years and half-price renting for two years will be available. The maximum support for bonded processing and maintenance will be 10 million yuan. Academicians of the Chinese Academy of Sciences and the Chinese Academy of Engineering with projects and funds who set up workstations and incubate projects in Yangpu can receive a one-time maximum reward of 8 million yuan plus a subsidy for operation funds.

5. Innovation Incentives

Research Institutes, Incubators and Maker Spaces: A one-off subsidy of up to 2 million yuan.

High-tech Companies: A one-off subsidy of up to 1 million yuan.

6. Export-oriented Economic Incentives

Businesses registered in Yangpu Free Trade Port Zone are entitled to a subsidy of up to 5 million yuan, depending on fields and sectors.

7. IPO Incentives

A Yangpu-based enterprise applying to be listed on the stock exchange is entitled to a subsidy of up to 3 million yuan

8. Social housing for talents

Free apartments and property for talents: the government gives employees working full time for 5 years 80 percent of a property free of charge, and employees working full time for 8 years 100 percent of a property for free. Monetary subsidies: to attract talents, the maximum monthly subsidy for housing rent is 5,000 yuan and the annual monthly subsidy for housing purchase is 60,000 yuan. Supporting leasing and sales services: lease or sell apartments to talents at preferential rents or sales prices.

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