china go west

8/4/2019 China Go West

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Go West

Andy DengAssistant Manager, Tax

KPMG

July 2011


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2011 KPMG Advisory (China) Limited, a wholly foreign owned enterprise in China and a member firm of the KPMG network of independent member firms

affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved. Printed in China.1

Contents

Perspectives on current Western China1

2

Introduction of incentive policies3

Tips for your investment in Western China4

Perspectives on future Western China


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affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved. Printed in China.

Overview - Western China

Western China

2001 2009Growthrate of

Volume

Growthrate of

proportion

Volume(RMB

billion)%China

Volume(RMB

billion)%China

GDP 1,824.8 17.1% 6,686.8 19.9% 266% 2.8%

Total Investment of fixed assets 715.8 19.8% 4,966.2 22.1% 594% 2.3%

Total import and export volume 16.8 3.3% 91.5 4.1% 445% 0.8%

Total retail consumption sales 659.1 16.8% 2,303.9 18.4% 250% 1.6%

Western China

Significantgrowth

SourceWebsite of China Statistic Bureau / China Development and reform committee

2

Iterm Amount %China

Nunmber of Provinces /municipalities

12 35.3%

Land area 6.87 million km2 71.5%

Population 360 million 27.9%

Board Region

RemarkableAchievement

HugePotential

Hot Place forInvestment


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Comparision between Western and Eastern China

Western China

Eastern China

Tremendous potential markets

The investment environment /infrastructure needs to be improved

Needs of local development

National policies support

Low operating cost

Abundant natural resources

Talent supply

High internationalization

High operating cost

Intense market competition

Perfect investment environment /infrastructure

Mature market

3


5/26 2011 KPMG Advisory (China) Limited, a wholly foreign owned enterprise in China and a member firm of the KPMG network of independent member firms


Pros and Cons of Investment in Western China

Policy Advantage

Strategy of Western China Development

The Guidelines on the shift of industry tothe central and western areas issued byState Council

The preferential policies set by localgovernments on investment

Market Advantage

Opportunity of industrial shift:

through shifting of the industriesfrom Eastern Area, it helps WesternAreas to enlarge the size ofindustry and speed up theadjustment of industrial structure

Low operating cost: procurementcost, energy cost, and labour costare relatively low

High market potential: consumermarket

Resource Advantage :

Mineral Resources: above 60% of mineral

resources located in Western China, such astombarthite, phosphor, nickel, vanadium.Mineral advantages are very obvious

Energy Resources: the energy resourcesdiscovered in Western China occupy nearly57% of total energy resources of China. Theresources like water power, oil and gas areabundant

Land resources: the land area of 12provinces / municipalities accounts for

above 70% of the total land area of China

Human Resource/TechnologyDisadvantage

Human Resource disadvantage:comparing to eastern developed area, theeducation level of western area is laggingbehind. It is little difficult to attract high-

quality talents. High level talented personappeared seriously drained

Technology disadvantage: Insufficientcapability of technology R&D andinnovation; Fewer R&D centres located inWestern Area; Shortage of high-techtalents

Market Disadvantage

Majority of industries are smallsized with low economic of scale

Majority of industries lackcomplete industry chains

Lower average GDP and limitedpurchase power

Environment Disadvantage

Natural Environment: Western China hasextensive land area with complex climates.The natural environment of Western Chinais complex and has seasonal sandstorm,landslide and mud-rock flows

Investment Environment: standard ofinfrastructure facilities, public informationplatform, intermediate service agents needto be improved. Quality of governmentservice need to be enhanced

4

Resource

Policy

Market

Environment

Talent /Technology

Market

Pros

Cons




Encouraged Industries for Investment in Western China

Source: Catalogue of Encouraged Industries for Foreign Investment in the Central and Western Regions (2008)

Locations Encouraged Industries for Investment

Agriculture Autos EducationEnvironmentalprotection

Industrialproducts

Naturalresources

NewEnergy

Pharmaceutical InfrastructureIT /Telecom

Tourism

Chongqing

Sichuan

Shaanxi

Yunnan

Guangxi

Guizhou

Xinjiang

Tibet

5




Economic Zones and Key Industries

Guangxi Beibu Gulf Economic Zone

Key Industries: High technology Light industry and food Logistics Marine Metallurgy Paper making Petrochemical

Guanzhong Tianshui Economic Zone

Key Industries: Aviation and aerospace Equipment manufacturing Finance Logistics Resources processing

Chengdu Chongqing Economic Zone

Key Industries: High technology Equipment manufacturing Science research and industry on nationaldefense

Resources processing Agricultural processing Modern services industry Logistics

Kashi Special Economic Zone

Key Industries: Infrastructure Agriculture High technology Petrochemical Finance Logistics Tourism

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Whats new investment environment

Cities Items State Notes

Chengdu

Leshan Port Is being built (2011) The biggest inland port in the upper reach of theYangtze River

Jintang Internationalairport

2013~2016The 2nd airport of Chengdu (similar to Shanghai Pudong airport )Annual passenger throughput: 80 million

Hi-tech IntegrativeBonded Area

Completed in Oct2010

Special custom supervision zone with full functions

FinancialHeadquartersBusiness Zone

Is being built (2011) Finance, Business, Administration Zone

Chongqing

3rd runway ofJiangbei Airport

Is being built (2011) Annual passenger throughput: 50 million

Liangjiang New AreaCompleted in Jun2010

One of 3 state-level Economic Development Zones in China(after Shanghai Pudong Area, Tianjin Binhai Area)

Xiyong IntegrativeBonded Area

Completed in Feb2010

The biggest comprehensive bonded area in China

XianBonded LogisticsCenter (Type B)

Completed in Apr2010

The 1st state-level bonded logistics center in Northwest China

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Cities CompanyTime toinvest

Line ofbusiness

Notes

Chengdu

Maersk Oct 2009 Logistics Biggest back office worldwide

Prologis Aug 2008 Logistics Invested capital: USD50 million

TexasInstruments

Oct 2010 IT First invested capital: USD275 million

TOKYO-MITSUBISHI

Oct 2010 Bank Registered capital: RMB100 million

Foxconn Oct 2010 IT Total invested capital: USD10,000 million

Volvo Oct 2010 Automanufacturing

Research Center, total invested capital: RMB 5,540 million

Chongqing

Citibank Dec 2009 Bank The 9th branch in China

Foxconn Aug 2008 IT Total invested capital: USD1,000 million

Ford & Mazda Sep 2010Auto

manufacturingTotal invested capital: USD750 million

NOL Sep 2010 Logistics Global service center

Xian

NanguangGroup

Nov 2010 Tourism, Hotel Total invested capital: USD1,500 million

EVOC Group Oct 2010 IT R&D Centertotal invested capital: RMB 500 millionMicron

TechnologyMar 2010 IT Total invested capital: USD300 million

Whats new newly established large-scale enterprises

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Taipei

Qingdao

Famous Enterprises in Western and Eastern China

9
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Contents


2

Introduction of incentive policies3Tips for your investment in Western China4


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What are the plans for Western China?

Western DevelopmentConference

The implementation ofWestern Development

Policy

The Guidelines onthe shift of industryto the central andwestern areas issuedby State Council

12th 5-yearDevelopment

Plan

Years 2001 to 2010 July 2010 September 2010 Years 2011 to 2015

Preferential taxpolicies

Preferential landpolicies

Mineralresourcespolicies

Relaxing theconditions forforeigninvestment

Emphasize thepriority of theWesternDevelopment inregionaldevelopmentstrategy

Expectation ofNew 10-year

on the WesternDevelopment

Developcompetitiveindustries inaccordance withlocal conditions

Centralize theindustrial layout

Keep focus onWesternDevelopment

Special policysupporting

Strengthen theinfrastructureconstruction

Various supportto develop theencouragedindustries

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City scale:

Total population: 31 million (2020)

Available constructive area: 865 km2

(2020) Industry orientation:

Morden service/industries, Hi-tech, 2-Base & 10-Industrialclusters

Financial environment:

International financial center in Liangjiang New Area (2020)

City scale:

Total population: 10 million (2020)Available constructive area: 800 km2 (2020)

Industry orientation:

Aerospace, IT, automobile, tourism, logistics


Backstage service centre of financialinstitutions, finance outsourcing

Transportation & logistics:

Highway network around Xian (2020)

City orientation:

Core city in northwest of China

City scale:

Total population: 15 million (2020)

Available constructive area: 660 km2

(2020) Industry orientation:

New material/energy, Hi-tech, petrifaction, automobile


Regional financial centre. 200 financial institutions and13 foreign banks (2012)


Largest railway hub logistic zone in China

City orientation :

International modern and idyllic city (the core city ofcentral and western China with the best investment /living environment)

What are the plans / orientations for western cities?

Chengdu Xian


Largest bonded zone in China

Largest airport in Central and Western ChinaHub of railway

City orientation:

International and modern city; Economic centre in theupstream of Yangtze river; Modern manufacture base;International dock city

Chongqing

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Contents


2

Introduction of incentive policies3Tips for your investment in Western China4


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Preferential Policies - Level

China

ChengduChengdu Hi-tech

District

Chongqing

Chongqing

Liangjiang New Area

Xian Xian Hi-tech District

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Western Development Policy (WDP)Effective from 2001 to 2010 (will be extended but with changes)

Extracts from policies are for your reference only.

15

Items Type Details

WDP

Tax

Encourage enterprises: 15% Corporate Income Tax (CIT) rate v.s. 25% general CIT rate Newly established transportation, electric power, hydraulic power, mail, broadcast and

television enterprises: tax holiday of 2-year exemption and 3-year 50% tax reduction Qualified project under encouraged catalogue: Customs Duty exemption for self-used

equipment

Land Land transfer fees for qualified project can be reduced or exempted

Mineral Resources Fees of mineral exploration and mining for qualified project can be reduced or exempted

Relax theRequirements forUtilizing ForeignCapital

Business time limit of qualified project can be extended to 40 years v.s. general 30 years The registered capital of qualified enterprise can be loosed up to RMB30 million v.s. general

RMB50 million

New 10 yearExpectancy

15% preferential CIT rate Resource Tax reform


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Preferential Taxation Policies - China

Target Scope and Criteria Detailed Preferential Taxation Policies

ServiceOutsourcingIndustry

Applicable to 21 service outsourcing sample cities: Beijing,Tianjin, Dalian, Harbin, Daqing, Shanghai, Nanjing, Suzhou,Wuxi, Hangzhou, Hefei, Nanchang, Xiamen, Jinan, Wuhan,Changsha, Guangzhou, Shenzhen, Chongqing, Chengdu,Xian

Scope of Service Information Technology Outsourcing (ITO) Business Procedures Outsourcing (BPO) Knowledge Procedures Outsourcing (KPO)

From 1 Jul 2010 to 31 Dec 2013, following preferentialtaxation policies will be implemented: Reduced CIT rate at 15% Business tax on service income derived from

overseas service outsourcing are exempted The amount of staff education expense incurred no

more than 8% of total salary expense is deductiblefor CIT purposes, any exceeding portion can becarried forward

High-TechEnterprise

Own IP rights on the core technology of its main product sor services

Product or service belongs to the scope of State SupportedHigh-Tech Industry Areas

Education level of employees

Proportion of R&D employees

Proportion of R&D expense over the total sales income

Proportion of revenue of high-tech product or service overtotal revenue

Number of IP rights

Reduced CIT rate at 15%

R&D Center Standard of R&D expenses

Number of employees specialized in R&D

Original cost of equipment purchased since establishment

Import taxes can be exempted on import oftechnology development goods by foreign R&Dcenters

VAT can be refunded on the domestically purchasedequipment by domestic and foreign R&D centers

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Preferential Taxation Policies - China (Contd)

Target Detailed Preferential Taxation Policies

Software Enterprise

Immediate refund of levied VAT

The VAT refunded under the policy of immediate refund of VAT levied which are used in R&D activities ofsoftware products and product expansion should not be treated as taxable income and subject to CIT

Enjoy 2-year exemption and 3-year 50% reduction of CIT from first profitable year

Qualified key software production enterprises can enjoy 10% CIT rate if not enjoying tax exemption incurrent year

Staff training expense is fully deductible for CIT purposes on actual incurred basis

Integrated Circuit (IC)Enterprise

Deemed as software enterprises to enjoy the same CIT preferential policies as above

Manufacturing equipment can be enjoyed accelerated depreciation (min 3 years) upon approval

Qualified IC enterprises can enjoy 15% CIT rate and 5-year exemption and 5-year 50% reduction of CITfrom first profitable year

Key Public InfrastructureProject

Environment ProtectionProject

Energy Saving Project

Qualified enterprises can enjoy 3-year exemption and 3-year 50% reduction of CIT, from the year receivingof first operating revenue

Enterprises which performprocessing and trading onrestricted products

Eastern China Central and Western China

Class A and B enterprises pay 50% of deposit Class C enterprises pay full amount of deposit base

on Custom Duty and Imported VAT payable on thebonded import materials

Class A and B enterprises: no deposit Class C enterprise: deposit will be refunded

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P f ti l P li i Ch d


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Level Type Incentives

ChengduMunicipalLevel

Qualified enterprises that recruit high-level talents

Home subsidy Individual Income Tax refund

Provide certain securities on family members

Qualified technology innovation andreframe project

Interest subsidy: upper to RMB3 million

Funding assistance: upper to RMB1 million

ChengduHi-techDistrictLevel

Advanced and New TechnologyEnterprise: contribution value RMB5million, annual sales income >200million, growth>30%

Other industrial enterprise:

contribution value RMB1 million

Financial support: equals to 60% of actual contribution value to Hi-tech District

Financial support: equals to 50% of actual contribution value to Hi-tech District

Current year contribution value aboveRMB10 million and annual sale incomeexceed the required amount

Reward to the enterprises management: RMB0.3 million to RMB2 million

Software enterprise in High Tech Zonewith required number of employee

Rental subsidy for certain period

Famous software enterprise that buildoffice building within SoftwareIndustry Park of Hi-tech District

Obtain land right at a preferential price under agreement

Preferential Policies ChengduMunicipal & Hi-tech District Level

Local government may provide extra benefit to significant investment project (Case-by-case)


18

P f ti l P li i Ch i


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ChongqingMunicipalLevel

Tax incentive

Reducted 15% CIT rate for qualified enterprises Tax holiday or exemption granted by the municipal government for qualified enterprises

Financial subsidy Refund of a certain portion of income tax and turnover taxes retained by local government

Special fund for rewarding exportation, subsidizing interests and bringing in talented people

Incentives toencourage recruitmentof high-level talents

Reward / subsidy

Providing assistance on various aspects, such as accommodation, education of dependants,etc.

ChongqingLiangjiangNew AreaLevel

Tax incentive

Reducted 15% CIT rate before 2020 for encouraged enterprises in Liangjiang New Area

Less-than-10% actual CIT rate for qualified Advanced and New Technology Enterprises inLiangjiang New Area

Risk compensation fund accrued by qualified enterprises in the New Area could be deductedfor CIT purposes

Financial support

Special fund of RMB10 billion for construction of infrastructures and facilities in LiangjiangNew Area

Investment fund for supporting the development of key industries

Fiscal revenue of Liangjiang New Area for the 5-year period from 2011 to 2015 shall totally beutilized for the development of Liangjiang New Area

Preferential treatmentfor administrativeapproval procedures

The local government shall guarantee the availability of land for industrial use

The local government shall support the enterprises on administrative approval procedures,such as project evaluation and market entry approval , etc.

Preferential Policies ChongqingMunicipal & Liangjiang New Area Level



19

Preferential Policies Xian


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Preferential Policies XianMunicipal & Hi-tech District Level

20


XianMunicipalLevel

Tax incentive Reducted 15% CIT rate for qualified high-tech enterprises, services outsourcing

enterprises and encouraged enterprises

Business tax exemption for the income from services outsourcing business of

technology advanced service enterprises

Financial subsidy With considering the operation scale and tax contribution to local government,

the qualified enterprises, which are the regional headquarter, will be obtained a

certain discount / exemption on purchasing buildings, paying office rental, etc

Award the enterprises of which the annual export amount is over USD10 million

Subsidy for the export credit insurance expenses

Xian Hi-techDistrict Level

Tax incentive Reduced 15% CIT rate for qualified high-tech enterprises

Financial subsidy forsoftware and servicesoutsourcing enterprises

Subsidy for office rental

Subsidy for outsourcing business

Subsidy for international certificate




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Contents


2

Introduction of incentive policies3Tips for investment in Western China4



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Go-West: Step by Step Approach

Research on the investment destination,

target an appropriate market position andwork on the investment plan

Involve professional consultants tocomment on the investment plan and help

the decision-making of investment form,financing instrument, business arrangement,location-choosing, etc.

Design an efficient holding structureaccording to the companys overalldevelopment strategy, in order to reduce

investment cost and maximize profit

Make investment decision, prepare theestablishment of the company and budget

drafting

Complete the establishment procedure and

start daily operation

To hold symposiums and deliver

publications to provide guidance andreference for the companys investment

plan

Tax and Advisory service teams will providepre-establishment advisory to the company

and comment on the companys investmentplan

Tax and Advisory service teams will help thecompany design a tax efficient andoptimized holding structure, which is in

accordance with the companysdevelopment plan and in compliance withrelevant laws and regulations

Advisory service team will provide financialprojections and other services to thecompany

Services by consultantActions of the company

22

Ongoing audit, tax and advisory servicesaccording to the needs of the company at

different stages of its development

Step 1Analyses

Step 2Involving

consultants

Step 3Structuring

Step 4Planning and

budgeting

Step 5Operation

I i R h A li i d I l i


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Research the possible incentives by considering theproposed entities business scope, scale, location, etc. :

- Study Catalogue of Encouraged Industries, etc. tosearch for the possible country level tax incentives,mainly including CIT, VAT, BT and Customs Duty

- Find the possible local land / financial / otherincentives according to the proposed entities locationand business

- If necessary, seek the assistance from professionaladvisors to analyze the possible incentivescomprehensively

After the investment location is decided, contact with localgovernments investment department timely to seek theirpreliminary confirmation of the possible incentives andtheir assistance on the establishment of the proposedentity

After the proposed entity is established, obtain in-chargeauthorities written approval / confirmation for incentives

Check the enjoyed incentives regularly to judge whether theconditions and validation period for the incentives are stillapplicable in order to avoid potential tax and financial risks

Incentives Research, Application and Implementation

Incentives Research, Application and Implementation

Country level

Province level

Municipal

level

District level

Tax incentives

Land subsidiesFinancial subsidies

Other incentives

Where to find incentivesResearch websites of State / Local Governments

Consult with State / Local GovernmentsInvestment Departments

Consult with professional advisors

KPMG i Chi


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KPMG in China

KPMG Hong Kong was established in1945 and established a presence inChina in 1985

In 1992, KPMG was the firstinternational accounting firm grantedwith a foreign joint venture licence inChina

Flexible and efficient allocation ofresources through our singlemanagement structure for all offices

across China, Hong Kong and Macau 13 offices have been established over

China, Hong Kong and Macau to date

Over 9,000 professionals includingmore than 300 partners

The first and only Big-4 established inChengdu with locally basedprofessionals to provide full range ofservices

The only Big-4 in Chengdu with thebiggest resident teams to offer tax andadvisory services

More than 140 professional staffcurrently stationed in Chengdu

Shanghai

Hong Kong

Tibet

Xinjiang

Jiangxi

Fujian

Beijing

Shenzhen

Macau

Guangzhou

Hangzhou

FuzhouChengdu

Qingdao

Shenyang

Nanjing

Xiamen

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C t t


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Anthony Chau

Partner, Tax

KPMG China

Tel: +86(21) 2212 3206 (Shanghai)

+86(28) 8673 3916 (Chengdu)

Email: [email protected]

Shanghai office

50th Floor, Plaza 661266 Nanjing West RoadShanghai 200040, China

Tel: +86(21) 2212 2888Fax: +86(21) 6288 1889

Contact

Chengdu office

18th Floor, Tower 1, Plaza Central8 Shuncheng AvenueChengdu 610016, China

Tel: +86(28) 8673 3888Fax: +86(28) 8673 3838

25

Andy Deng

Assistant Manager, Tax

KPMG China

Tel: +86(28) 8673 3923 (Chengdu)

Email: [email protected]

china go west

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