(Yicai Global) March 29 -- China has extended through 2030 an import tariff exemption on the raw materials and equipment needed by the country’s chipmakers and software developers to help support their development, according to the finance ministry.

Eligible businesses are those that meet certain technical standards for producing memory and integrated circuits, packaging and testing, and import materials and consumables that cannot be made in China or domestic supplies do not meet their needs, the ministry said in a document published today.

The exemption also covers equipment for key firms in integrated circuit design and software for their own use, as well as technology, including software, and necessary parts and spare parts imported with the equipment in accordance with the contract.

China is actively promoting the growth of its chip-making and software industries, with the cabinet saying last August that it would take supportive steps in many areas. In December, preferential corporation tax was introduced for such firms, exempting some for up to 10 years.

Editor: Peter Thomas