What are the 5 special economic zones in China?

In China, SEZ normally refers to seven specific zones: Shenzhen, Zhuhai, Shantou, Xiamen, Hainan, Shanghai Pudong New Area, and Tianjin Binhai New Area, which will be discussed later.

When did China open special economic zones?

1980
The first four special economic zones were created in 1980 in southeastern coastal China and consisted of what were then the small cities of Shenzhen, Zhuhai, and Shantou in Guangdong province and Xiamen (Amoy) in Fujian province.

What is the special economic zone in China?

China’s special economic zones (SEZs) are defined as small geographical areas that allow the integration of free-market principles to attract additional foreign investment.

Why did China create special economic zones in 1984?

Encouraged by the zones’ success, the Chinese government in 1984 opened 14 larger and older cities along the coast to foreign trade and investment. These “open” cities offered foreign investors much the same incentives as in the special economic zones, but their corporate income taxes were higher.

What are the 5 Special Economic Zones in China?

Primarily geared to exporting processed goods, the five SEZs are foreign trade -oriented areas which integrate science, industry and innovation with trade. Foreign firms benefit from preferential policies such as lower tax rates, reduced regulations and special managerial systems.

When did Shenzhen become a special economic zone?

In May 1980, it became the first special economic zone in China.160km away from Guangzhou and 35km from Hong Kong, Shenzhen borders Dapeng Bay in the eastern, the Pearl River mouth in the west and New Territory of Hong Kong in the south.

When did Xinjiang become a special economic zone?

In May 2010, the PRC designated the city of Kashgar in Xinjiang a SEZ. Kashgar’s annual growth rate was 17.4 percent in 2009, and Kashgar’s designation has since increased tourism and real estate prices in the city.