In 1979, Chinese Paramount leader Deng Xiaoping decide on economic zones and open the coastal regions for foreign investments.
What are economic zones?
A special economic zone (SEZ) is a region where trade and business regulations differ from those in the rest of the nation. SEZs are designated areas inside a nation's boundaries with the objectives of improving trade balance, employment, attracting more investment, creating jobs, and having efficient administration. Financial measures are put in place to entice enterprises to locate in the zone. Investing, taxes, commerce, quotas, customs, and labor laws are frequently covered under these policies. Companies may also be given tax holidays, which entitle them to a period of reduced taxes after locating in a zone.
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