Controls on overseas investment relaxed
Print Edition
CHINA has taken measures to ease controls on Chinese companies’ overseas investment, the National Development and Reform Commission said yesterday.
Chinese companies planning to invest less than US$1 billion overseas will only need to register with authorities rather than approvals from the NDRC, the country’s top economic planning body.
The rule does not apply to investment projects in “sensitive countries, regions or sectors,” the NDRC said.
Previously, Chinese companies planning to invest US$300 million or more in natural resources exploitation and US$100 million or more in other sectors would all be subject to approval from the NDRC.
The procedure for approval has also been simplified. A company planning to invest overseas can directly submit applications to a provincial-level economic planning body, rather than going through county and city-level authorities.
The registration process will require no more than seven working days.
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