Chinese Government, Exceptional Support to BlockChain Special Zone..80% Tax Reduction
Chinese Government, Exceptional Support to BlockChain Special Zone..80% Tax Reduction
  • Daniel yoo Reporter
  • 승인 2019.02.20 12:34
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The Chinese government has announced that will be designated "the blockchain special Zone" in Haikou city, Hainan Province and will raised 10 billion yuan fund to be subsidized for tenant companies and provides 80 percent tax reduction benefits

According to related industries on the 17th, China's Hainan province public trust office announced recently a plan to implement 'RSC Special Zone' that includes a full scale of enterprise support policies.

RSC (Resort Software Community) was founded in 2007, China has designated the 12th free trade zone as an area where ICT companies are flocking to new government subsidized policies. China's Hainan Province government and Hainan Software Ecosystem Group Company will exchange MOUs and will be constructed a new city with about 1,652 million square meters.

Already, IT companies such as Tencent and Baidu have moved in, and the head office of Huobi, the world's largest block chain, has also recently built a nest.

The RSC's detailed support plan has led to an unprecedented policy of support. Through the certification of special district management institutions and local key departments, the government introduced a corporate incentive system for corporate income tax, value-added tax, etc.

Enterprises with annual tax payment of 5 million yuan (approximately 800 million won) will receive corporate incentives up to 80% .to get the tax return. It also included strong incentive measures to attract excellent IT talent. More than 10 block-chain labs will be established in collaboration with global companies in RSC.

It also plans to establish a blockchain industrial cooperation network with the world's leading universities to create a separate research and education institute. It is planning to establish a 40,000 square meter block chain incubator

A representative for Huobi, said "China is openly calling for a ban on cryptographic money, but internally, it has begun to focus its efforts on fostering blockchain industries through various support." and "We should test at least ecosystems through sandboxes and prepare for them."

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