New help for private firms going overseas
Source: Agencies |
July 4, 2012, Wednesday
|
Print Edition
Print Edition
CHINESE private companies investing abroad will get new policy support, including tax relief and easier access to credit, the top planning body said yesterday, to balance capital flows and rise in the global value chain.
The government will provide tax relief for private firms that have already paid income tax in foreign countries, according guidelines issued by the National Development and Reform Commission on its website.
In addition, Chinese banks will provide more loans and export credit to help with mergers and acquisitions, the NDRC said, adding that the firms will be allowed to issue stocks and bonds in overseas markets.
China is keen in overseas investment in high-tech and advanced manufacturing industries to help "develop domestic new strategic industries, upgrade and restructure industries," the guidelines said.
China, with US$3.3 trillion in foreign exchange reserves - the world's largest - is stepping up the "go out" aimed at smaller firms, including making it easier to buy foreign currencies to complete deals, the NDRC said.
Overseas investment has been dominated by big Chinese state-owned enterprises, which took up 80 percent of the accumulated outflows of US$1.5 trillion at the end of last year.
The government will provide tax relief for private firms that have already paid income tax in foreign countries, according guidelines issued by the National Development and Reform Commission on its website.
In addition, Chinese banks will provide more loans and export credit to help with mergers and acquisitions, the NDRC said, adding that the firms will be allowed to issue stocks and bonds in overseas markets.
China is keen in overseas investment in high-tech and advanced manufacturing industries to help "develop domestic new strategic industries, upgrade and restructure industries," the guidelines said.
China, with US$3.3 trillion in foreign exchange reserves - the world's largest - is stepping up the "go out" aimed at smaller firms, including making it easier to buy foreign currencies to complete deals, the NDRC said.
Overseas investment has been dominated by big Chinese state-owned enterprises, which took up 80 percent of the accumulated outflows of US$1.5 trillion at the end of last year.
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