Boost for firms investing overseas
Print Edition
CHINA will simplify currency rules and step up credit support for firms investing overseas, the State Council said yesterday.
It was the government’s latest move to tackle excess factory capacity at home and help local firms grow globally.
The government will cut red tape for firms investing abroad, allowing them to exchange money directly at banks, no longer needing to register with the authorities prior to such deals.
It will also widen the financing channel to help major equipment makers “go out” with more bank support, the government said, calling for “diversified use of foreign exchange reserves” in the process.
Increased outbound investment helps China export its surplus capacity and makes Chinese products more competitive internationally.
The government has been encouraging outbound direct investment by domestic firms to help slow down the rapid build-up of foreign exchange reserves and help improve their global competitiveness.
The State Council said also it will simplify the approval process for banks to set up foreign branches, and for companies to list their shares abroad, and pursue mergers and acquisitions.
The geographical limit on issuing yuan-denominated bonds by domestic firms and banks in overseas markets will also be abolished, it said.
It also said it will “revitalize” fiscal funds to bolster the slowing economy, and will channel money into public facilities and infrastructure projects.
Meanwhile, it pledged to crack down on “special fiscal accounts” that local governments have used to contain off-budget funds that are out of the central government’s reach.
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