China has withdrawn investor-friendly concessions policies that it has offered since 1970s to woo top investors to set up manufacturing facilities in the country nation.

From now, joint ventures and wholly foreign-owned firms will no longer be exempt from paying land-use tax. This property tax rate will now to local and foreign developers and will see a tripling of the previous rate, which has been in existence since 1988.

This first revision of land-use tax regulations since 1988 is aimed at bringing better control and better planning to the development and re-development of land.

Later this year a new corporate income tax structure is expected come in to effect that will tax all foreign and domestic firms at the same rate, putting an end to special corporate tax breaks for overseas firms that have been offered for years.

The new regulations will also bring to an end the unfair treatment of domestic companies which have had to pay taxes and fees from which overseas firms have been exempted from for nearly two decades, they said.