China's Tibet attracts investment with optimized business environment

This aerial photo taken on March 30, 2023 shows the south ring road in Lhasa, capital of southwest China's Tibet Autonomous Region.(Xinhua/Sun Fei)

LHASA, Sept. 10 (Xinhua) -- From January to July, southwest China's Tibet Autonomous Region has inked 740 investment projects, with an actual investment of 34.32 billion yuan (about 4.76 billion U.S. dollars), according to local authorities.

In the first seven months of this year, Tibet's fixed asset investment reached nearly 19.72 billion yuan, providing employment for 7,997 people within the region and generating labor income of some 88.91 million yuan.

According to the investment promotion bureau of the regional development and reform commission, Tibet has optimized its business environment and rolled out favorable investment policies this year.

In terms of tax policies, enterprises can enjoy a reduced enterprise income tax rate of 15 percent in accordance with the Western Development Strategy. To bolster characteristic industries such as tourism, culture, clean energy, green building materials and plateau biology, the government has established a dedicated 11 billion yuan investment fund as part of its industry support policies.