Subdistrict of Chongqing to become SEZ

The State Council has granted approval for the Liangjiang district to become a new special economic zone, with preferential tax, investment, trade and land policies, reported Bloomberg. Chongqing is one of China’s four municipalities, and was formerly a sub-provincial part of Sichuan Province. Fixed-asset investment in Chongqing grew 31.4% in the first quarter of 2010, with investment in the industrial sector rising 29.9% on year. Urban investment grew 30.7%, while rural investment grew 42.5% year-on-year. Previous special economic zones including Shanghai’s Pudong district and Tianjin’s Binhai district have been able to thrive under the preferential policies of China’s special economic zone program.