Reuters: Regulatory News: China unveils economic incentives for new Shenzhen financial zone

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China unveils economic incentives for new Shenzhen financial zone Jun 29th 2012, 03:14 HONG KONG, June 29 | Thu Jun 28, 2012 11:14pm EDT HONG KONG, June 29 (Reuters) - China announced a series of measures on Friday to promote a new financial zone in the southern city of Shenzhen, including a 15 percent corporate profit tax rate for eligible companies. The Qianhai zone in Shenzhen would be an experimental zone for the growing offshore yuan market, China's National Development and Reform Commission said at a press conference in Hong Kong. The announcement comes ahead of the 15th anniversary of Hong Kong's handover from British rule and the swearing in of its new leader, C.Y. Leung, on Sunday. As part of a show of support ahead of the anniversary, China on Thursday took another step towards a more freely traded yuan, announcing plans for a test zone for the currency's convertibility in Shenzhen, the same city that first tried out China's broader economic reforms some 30 years ago.

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