By K. C. Fung
This publication sheds gentle at the developments, features, reasons, and coverage implications of U.S. direct funding in China.
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Sample text
China is projected to be the world’s largest semiconductor market in ten to fifteen years (Howell, Nuechterlein, and Hester 1995). In fact, according to estimates by the American Electronics Association (AeA), China is already the third largest semiconductor market in the world. It is expected to become the second largest market by 2010 (AeA 2001). The semiconductor industry is a highly cyclical industry. Since 2003 it has recovered from the global slump induced by the East Asian currency crisis of 1997 and the burst of the technology bubble in the United States since 2000.
Although problems continue, the system of legislation INSTITUTIONAL AND LEGAL FRAMEWORK OF FDI IN CHINA 39 on foreign investment has significantly improved. Figure 3-1 presents the hierarchy of legislation on foreign direct investment. Figure 3-1 shows that the highest legislative body is the National People’s Congress. Next is the NPC’s standing committee, followed by the highest executive structure, the State Council. The council is also empowered to issue laws and regulations. Next are the council’s commissions, ministries, and bureaus.
In 1979 and 1980, four special economic zones were set up. The original four SEZs were Shantou, Shenzhen, and Zhuhai in the Province of Guangdong, and Xiamen in the Province of Fujian. The SEZs adopted Hong Kong’s traditional corporate income or profit tax rate of 15 percent, perhaps in part to attract investors from Hong Kong, the bulk of the initial foreign investors. Until 1984 the standard tax rate applied to foreign investors was 15 percent inside the SEZs but 30 percent outside the SEZs. In addition, until 1996, customs duties on equipment and raw materials used by foreign enterprises in the SEZs were also exempted.