Page 10 - THE SOUTH CHINA BUSINESS JOURNAL
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On March 14, 2019, the government On August 18, 2019, the Party’s leading committee
announced a one-year trial period on reform, the Central Comprehensive Deepening
tax break for “high-end talent” Reforms Commission (CCCDR), announced new plans
coming to the Greater Bay Area. towards expanding the city’s role on the national stage.
The notice stated that if the Benchmark dates include:
amount of individual income
tax paid by those talents • By 2025: Shenzhen is to become a world-
exceeds 15 percent of their class city renowned for innovation, with special
taxable income, the excess focus on public services and environmentally
part shall be subsidized by the sustainable development. This will entail
governments of the nine cities R&D investment to be raised and “innovative
in the GBA. The subsidy is capacity” to reach the standards of global
exempt from personal income leaders. Along the way, the city’s cultural “soft
tax and is granted once a year. power” will be vastly improved.
The policy has been made clear
to apply for citizens as well as • By 2035: Shenzhen is to become China’s
foreigners with residency. leading international showcase as the
“world capital of innovation, creativity and
As mainland China’s leading city for entrepreneurship,” showing the world what
foreign investment and a showcase a “modern, powerful, socialist Chinese city”
for China’s “socialism with Chinese looks like.
characteristics”, Shenzhen is frequently
at the forefront for new innovations in
the CCP’s governing system.
7 AmCham South China
On March 14, 2019, the government On August 18, 2019, the Party’s leading committee
announced a one-year trial period on reform, the Central Comprehensive Deepening
tax break for “high-end talent” Reforms Commission (CCCDR), announced new plans
coming to the Greater Bay Area. towards expanding the city’s role on the national stage.
The notice stated that if the Benchmark dates include:
amount of individual income
tax paid by those talents • By 2025: Shenzhen is to become a world-
exceeds 15 percent of their class city renowned for innovation, with special
taxable income, the excess focus on public services and environmentally
part shall be subsidized by the sustainable development. This will entail
governments of the nine cities R&D investment to be raised and “innovative
in the GBA. The subsidy is capacity” to reach the standards of global
exempt from personal income leaders. Along the way, the city’s cultural “soft
tax and is granted once a year. power” will be vastly improved.
The policy has been made clear
to apply for citizens as well as • By 2035: Shenzhen is to become China’s
foreigners with residency. leading international showcase as the
“world capital of innovation, creativity and
As mainland China’s leading city for entrepreneurship,” showing the world what
foreign investment and a showcase a “modern, powerful, socialist Chinese city”
for China’s “socialism with Chinese looks like.
characteristics”, Shenzhen is frequently
at the forefront for new innovations in
the CCP’s governing system.
7 AmCham South China
