According to "Several Opinions on Accelerating the Development of the High-tech industry in Shanghai" (H.W., 1999, No.019) by the Shanghai Municipal Party Committee and the Shanghai Municipal Government, for enterprises in the high and new technology industry development zones, those designated as high-tech enterprises will be taxed at a rate of 15% for their corporate income tax. Those designated as newly-found high-tech enterprises will be exempt from corporate income tax for 2 years. Those designated as having exported a production value reaching 50% of the gross production value, can have their corporate income tax rate reduced by 10%.