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Special economic zones
Small coastal areas established beginning in 1979 to promote economic development and introduction of advanced technology through foreign investment. Special preferential terms and facilities are offered to outside investors in taxation, land-use fees, and entry and exit control for joint ventures, cooperative ventures, and enterprises with sole foreign investment. Special economic zones have greater decision-making power in economic activities than provincial-level units. Market regulation is primary.
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- Part of Speech: noun
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- Industry/Domain: History
- Category: Chinese history
- Company: Library of Congress
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