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1980: Shenzhen Special Economic Zone established
Last Updated(Beijing Time):2010-08-27 15:59

1980: Shenzhen Special Economic Zone established

On August 26, 1980, the 15th meeting of the Standing Committee of the Fifth National People's Congress decided to approve the decision of the State Council to establish special economic zones in Shenzhen, Zhuhai, and Shantou in Guangdong Province, as well as in Xiamen in Fujian Province. The "Ordinance of Special Economic Zones in Guangdong Province" released by the State Council in 1980 encouraged businesspeople and enterprises to inject funds, establish factories or venture factories, and start enterprises or other industries in the special economic zones, and the government would provide them with proper concessions in various aspects such as taxes, finance, land and labor wages. The four special economic zones, covering a total area of nearly 526.3 square kilometers, adopted different management systems from other places in Chinese mainland. The companies in the economic zones are mainly joint ventures, cooperative enterprises, and wholly foreign-owned enterprises, which has proved that diverse economic sectors can peacefully coexist with the state sector of the national economy in the four zones. 
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