Cayman Islands, step aside. Private equity funds seeking to cut their tax bills have a new option some 3,600 metres above sea level, at the foot of the Himalayas. The only catch is, they will be playing a role in China’s strategy to tighten its grip on Tibet.

靠边站吧，开曼群岛(Cayman Islands)。寻求避税的私人股本基金现在有了一个新选择，这里海拔大约3600米，位于喜马拉雅山脉脚下。唯一的问题是，它们将帮助中国收紧对西藏控制的战略。

The government of Shannan prefecture, which lies in Tibet between Lhasa and the Buddhist kingdom of Bhutan, is offering generous tax breaks and other sweeteners in an attempt to make itself a home to private equity funds and investment companies.

山南地区（位于拉萨和信仰佛教的王国不丹之间）的政府正提供慷慨的税收减免措施和其它优惠条件，以求成为私人股本基金和投资公司的落户之地。

Cities across China already compete for investors, but lawyers and advisers say the package of incentives available in Shannan, known as Lhoka in Tibetan, is unusually aggressive and is beginning to attract interest. The enticements for private equity funds are part of the Chinese government’s push to develop the region’s economy at the same time as establishing firmer control over it.

中国各地的城市已经在竞相吸引投资者，但律师和顾问们表示，山南地区（藏文拼音为Lhoka）提供的激励方案激进得不寻常，正开始引发兴趣。面向私人股本基金推出招商措施，是中国政府全盘努力的一部分，目的是发展地区经济，同时加强对该地区的掌控。

Some scholars have called for a more flexible approach to the country’s restive Tibetan minority, but leaders have vowed to take a hard line against anyone agitating for independence.

在中国国内，一些学者呼吁对不安定的藏族少数民族采取更具弹性的政策，但中国领导人誓言强硬对待任何鼓吹独立的人。

Of the 300,000 people in Shannan, more than 90 per cent are of Tibetan ethnicity. The investment companies that have been lured there are almost entirely managed by Han Chinese, consistent with the government’s strategy of encouraging Han to populate areas inhabited by minority groups.

在山南地区的30万居民中，90%以上是藏人。已被吸引到那里的投资公司几乎都是由汉人管理的，这符合中国政府鼓励汉人移居少数民族地区的战略。

Tibet has set the corporate tax rate for investors at just 15 per cent, well below the national norm of 25 per cent. Companies that pay more than Rmb5m ($820,000) in tax can have as much as 40 per cent returned to them.

西藏将适用于投资者的企业税税率定在15%，远低于25%的全国普通水平。缴纳税款超过500万元人民币（合82万美元）的公司，有望得到至多40%的退税。

The Tibetan government has also introduced a flat tax of 20 per cent on the incomes of some partners in private equity firms, a steep discount on the national rate, at which those in the highest bracket pay 45 per cent tax. And, unlike many other regions of China, it does not require that funds registering in Tibet invest in local companies; simply having Tibet as a domicile is enough.

西藏政府还针对私人股本基金某些合伙人的收入推出了20%的所得税单一税率，相对于最高可达45%的全国所得税税率有大幅折扣。同时，与中国其它地区不同的是，西藏不要求在当地登记的基金投资于本地企业；只要在西藏注册就行。

“Many places throughout China, especially big cities like Beijing and Shanghai, have been offering preferential policies to private equity firms. But over the past year lots more investors have been mentioning Tibet and talking about moving there,” said Wang Jinghe, a lawyer with Dacheng Law Offices in Shanghai.

“中国各地有许多地方，尤其是在北京和上海等大城市，都向私人股本公司提供优惠政策。但在过去一年来，有很多投资者提到西藏，并且在谈论要去那里落户，”大成律师事务所(Dacheng Law Offices)律师王京和（音，Wang Jinghe）在上海表示。

Mr Wang said foreign private equity firms with renminbi funds in China would in theory be allowed to base themselves in Tibet but he was not aware of any doing so. Foreign visitors need special permits to enter Tibet, which can be difficult to obtain.

王律师表示，在中国有人民币基金的外国私人股本公司，理论上可以把总部设在西藏，但他尚未听说有任何公司走出这一步。外籍游客需要获得特别许可才能进入西藏，而许可很难获得。

Zero2IPO, a research and advisory firm, had no record of Chinese private equity funds establishing themselves in Tibet until last year when three registered there. Figures are not yet available for this year but anecdotal evidence points to a growing flow towards Tibet.

研究及咨询公司清科集团(Zero2IPO)的数据显示，去年有三只中资私人股本基金在西藏成立，而之前这方面的记录为零。今年的数据尚未出炉，但非正式的消息来源称，有越来越多资金流向西藏。

Tibet is also emerging as a haven for investors who want to limit their taxes when selling off shares.

西藏还正在成为想要在出售股票时少缴税的投资者的避风港。

Golden Securities, an investment magazine, said last week that it was “an open secret” that Tibet was the place to go to register shareholdings before selling them.

投资杂志《Golden Securities》上周称，先在西藏登记持股，然后出售股票的操作，在业内已是“公开的秘密”。