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China to encourage overseas investment with easier procedures

(Xinhua)
Updated: 2009-05-19 16:07

Outbound investment of Chinese enterprises may be expanded as China's foreign exchange regulator said on Monday that it plans to simplify examination and approval procedures for domestic companies' investment abroad.

Related readings:  Overseas investment norms released  NSSF asks for nod to invest in foreign PE  Domestic firms propped to invest overseas

The State Administration of Foreign Exchange (SAFE) posted Monday on its website a draft regulation on foreign exchange management involving domestic enterprises investing abroad, to solicit public opinions.

According to the draft, domestic companies will be allowed to register the source of their foreign exchange financing after their investment overseas instead of obtaining approval beforehand.

The draft regulation also allows domestic enterprises to seek financing from more sources, including domestic foreign exchange loans, purchasing foreign exchange with yuan, the foreign currency funds enterprises possess, and their profits gained abroad.

The SAFE will also improve its supervision over overseas investment by carrying out annual inspection on investment projects together with the Ministry of Commerce, said the draft.

The draft regulation is aimed at facilitating and encouraging Chinese companies to invest abroad, and standardizing management of foreign exchange involved in such investment, said SAFE in an announcement which came along with the draft.

The SAFE is asking for opinions on the draft before June 19.

China's outbound direct investment reached $55.6 billion in 2008, up 194 percent from a year earlier.