There are many economic areas with various names in China, including free-trade zone, export processing zone, economic and technological development zone, special economic zone, high-tech industrial development zone, open coastal cities, open inland cities, and others. The attraction of foreign companies leads to the creation of important profit-making sources and the promotion of local employment for national and local governments of China in implementing its reform and open policy. Such being the case, the attraction of foreign companies has been promoted at the initiative of each of the local governments by offering preferential treatment, including a preferential taxation system, which resulted in the establishment of economic areas with various names in several different regions. Sometimes it is impossible for people overseas to distinguish the differences.
We will explain how they differ.
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China |
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Specific economic area |
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