BEIJING (AP) — China is offering foreign companies a tax break in a bid to retain investment in response to changes in U.S. and other foreign tax laws.

The Finance Ministry said Thursday companies will be exempt from withholding taxes on profits so long as they are re-invested in industries specified by Beijing. The exemption is retroactive to Jan. 1, 2017, meaning companies would receive a refund on taxes paid this year.

The official Xinhua News Agency says Beijing wants to "attract foreign investors after a host of countries unveiled similar measures to lure foreign and domestic investment."