For over twenty years, China has encouraged foreign investment by charging foreign corporations a tax rate as low as 15% while local businesses had to pay 33%. After mounting complaints from Chinese companies, the country's legislature has changed the law to charge a single rate of 25% to foreign and domestic companies. According to analysts at JP Morgan, Chinese banks will benefit the most from the change, with their value going up 3% for every 1% cut in the income tax. Legislators also hoped to decrease the practice of moving money out of China and then back in just to take advantage of the tax break. Although the new law goes into effect in 2008, some foreign companies may not be affected for five years.