Qianhai offers tax cuts to lure companies

A list of regulations for companies registered in Shenzhen's Qianhai area will be published before Oct 1, and those meeting requirements can enjoy enterprise income tax cuts of 15 percent, according to a spokesman for the Qianhai Authority on Friday.

He Zijun, a deputy director and spokesman for the Qianhai Authority, said investment in the Qianhai area would total 389.8 billion yuan ($63.7 billion) and 1,528 enterprises have applied for registration in the area. The creation of a modern service sector will be their focus.

A railway line will be built between Shenzhen and Hong Kong with Qianhai as its central hub. He declined to give a timeline for it's completion. It is expected to then take 7 minutes to travel by rail from Qianhai to Shenzhen and 15 minutes from the area to Hong Kong.