Sponsored by: Investment Center

Something new in your business?  Click here to submit your business press release

Chamber Corner | Main Street News | Job Hunt | Classifieds | Calendar | Illinois Lottery 

China to push growth of outsourcing industry

[November 26, 2014]  BEIJING (Reuters) - China will develop international outsourcing of high-value-added services to create new advantages in foreign trade, its cabinet said on Wednesday, according to the official government website.

The State Council will reduce corporate income taxes to 15 percent in a number of cities to encourage development of the high-tech, high value-added services outsourcing industry.

The goal is to move Chinese industry away from relying on low cost manufacturing to be globally competitive.

The effort will focus on developing software and IT services, research and development, finance, and government services, the State Council said.

China will trial a tax-free or zero value-added tax policy for international outsourcing services and provide various kinds of financial support and public financing. It will also cut red tape for dealing with foreign exchange.

Government departments also will pay for more services.

(Reporting by Paul Carsten; editing by Jane Baird)

[© 2014 Thomson Reuters. All rights reserved.]

Copyright 2014 Reuters. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.