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PCCW Expands China Netcom Investment

PCCW IMS China has closed an acquisition of a 50 percent stake in China Netcom Corporation (CNC) subsidiary CBC Broadband, according to an announcement by PCCW on March 2. PCCW IMS is an indirectly wholly-owned subsidiary of PCCW. The acquisition cost PCCW IMS China 318 million Yuan.

In other related news, China's State Council has announced a new policy exempting certain high-tech enterprises in China from income taxes for two years, reports Beijing Times. According to the policy, foreign and domestic hi-tech enterprises located in national-level high-tech industrial development zones will be exempt from income taxes for two years and will pay income taxes of 15 percent after the two years.

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