Beijing is preparing to set up its first Sino-foreign taxi company.

The company will be formed by the Beijing-based Jinjian Taxi Company and a large public transport corporation in Singapore. The total investment to be put into the new company is estimated at US$29.76 million, of which US$24 million will be provided by the overseas partner.

About 3,300 taxis will operate during the initial period. Under Chinese laws, the cars must be bought in China. The purchase of imported cars will result in a reduction in taxes.

(China Daily 09/08/2001)