Haikou (ANTARA News/Asia Pulse) - The Chinese government has approved plans for the country's fourth harbour area with preferential tax rates in a major step towards a free trade zone with the Association of Southeast Asian Nations (ASEAN).
The State Council, China's cabinet, authorized the Yangpu Bonded Harbour Area in the Yangpu Economic Development Zone, south China's Hainan Province, covering 9.21 square kilometres and to be completed in three stages.
50 billion yuan (US$6.7 billion) will be spent on construction and the area will host industries with a total output value of 100 billion yuan, generating 12 billion yuan in taxes annually by 2012.
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