Passage 1
In the coastal cities，only factories where plant is being upgraded by foreign investment, enjoy the 15% tax rate (or less for
target projects such as transport, energy and telecommunications). The major source of confusion for foreign investors, however, is not the tax rate but who has the authority to approve projects. One oficial who is well aware of the confusion afnicting both local authorities and foreign investors is Mr. Jing, president of China International Economic Consulants Inc. which is the consultancy
arm of the China Intemational Trust and Investment Corp. While a comprehensive framework for the country's modemization has been provided by the central comite's decision to refom the economnic structure, it will be some time before
the dust settles and local authonities and foreign investors can deal with one another in a systematic way.
1. What are“target projects”?
2. Could you find some other words to substitute the word“arm”here?
3. What is your understanding of “the dust setles”?
