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'Despite world trends, we are taking a step back,' says Li.

The group's draft proposal seems to take into account current popular momentum for the adjustment, and says that if the preferencial tax must be cancelled, 'We should wait for an opportune moment.'

The Time is Right

'With our financial institutions' strong ability to adapt, we should learn from international tax reform and and take this opportune moment to reform our own taxes,' Jin told the Congress.

Liu Kegu, a finance and taxation expert, tells us that now is the best time to merge the two tax laws. For the past few years, the economy has grown rapidly, with macro-level supply and demand being basically equal and economic structural reforms going forward. Government revenues have been consistently and rapidly increasing for several years. With the world economy developing smoothly, there is also a good international environment.

'Those involved with the Special Zones have reacted intensely,' says the resolution prepared by the group. When asked what foreign firms have said about the proposed change, Li responded, 'Is there really any need to ask?'

On March 7, Huang Huahua, a Congressional representative and governor of Guangdong province, held a press conference with the Guangdong delegation, where he responded to our questions by saying, 'The integration of the two taxes will have both positive and negative consequences, but, overall, it is more beneficial than not.'

Hua says the Chinese government will focus preferential treatment on industries rather than regions. Furthermore, tax rates are not a deciding factor in a business' development. And compared to other countries, our taxes are still slightly low. The average tax rate of 159 countries in the world is 28.6 percent, while our average tax rate is 26.7 percent. A move to 25 percent for these firms will still be slightly lower than elsewhere.

Foreign businesses have had a light response to the law. The Japan Business Federation, Japan's largest business organization, conducted a survey that found 80 percent of businesses would not be affected. The director of the Federation went so far as to say, 'For the long term development of business, letting both domestic and foreign businesses compete on a level playing field is reasonable. Giving preference to foreign firms might make sense in the short term, but in the long term it will cultivate laziness and decrease in competition.'

Huang Huahua told this newspaper that Shenzhen's SEZ will still enjoy a transition period where preferential treatment, where the 15 percent tax rate remains.