Favorable income tax for companies in Qianhai

Firms in Shenzhen's Qianhai special economic zone in South China's Guangdong Province will be entitled to a favorable corporate income tax rate of 15 percent, financial news portal stcn.com reported Monday, citing Zhang Bei, director at the Qianhai Administration Bureau.

The tax policy will be one of Qianhai's major advantages, said Zhang, noting that the policy has already got approval from the State Council and is expected to be released soon.

Currently, the corporate income tax rate for mainland firms is set at 25 percent.

The mainland's first foreign-controlled securities joint venture is also expected to be established in Qianhai this year, Zhang said.

Qianhai is expected to achieve a GDP of 150 billion yuan ($ billion)by 2020, according to a guideline released by local authorities.