Foreign businessmen can set up enterprises in Lowu without a mainland partner under a pilot scheme, Shenzhen Bureau of Industry and Commerce deputy director of registration Liu Fan said.
The new rules will initially apply to Lowu, and may be extended to other areas in Shenzhen depending on the success of the pilot scheme.
"We are trying to be open-minded. We hope that it will be able to lure more foreign investments and thus create an investment-friendly environment," Liu said at a seminar.
Under the rules, foreign businessmen who have either bought commercial property in Lowu or leased premises for more than a year will be eligible for solo business registration and enjoy local tax benefits.
Currently, flexibility in the implementation of the joint-venture requirement has been applied by individual provinces and cities, according to the scale of investment.
(Xinhua News Agency March 20, 2002)
