Virtually unnoticed this week as the Clinton Administration and Congress' GOP leadership worked together to get permanent normal trade relations for China approved was another cooperative venture. Forty so-called renewal zones in 32 economically depressed U.S. cities and eight rural areas are to be created, under terms of legislation worked out by the White House and Capitol Hill leaders. Key provisions: No capital gains tax on sales of assets held more than five years. Up to $35,000 more than current law allows for first-year writeoff of capital expenditures. And a 15% employment tax credit. With strong backing from both Republicans and Democrats, the measure is expected to clear Congress yet this year.