No curbs on transfer of firms鈥 profits
Print Edition
A senior foreign exchange official has reiterated that there are no restrictions on foreign firms’ cross-border profit transfers.
Authorities will maintain the continuity and consistency of its forex policies, said Pan Gongsheng, head of the State Administration of Foreign Exchange, when meeting Joerg Wuttke, president of the EU Chamber of Commerce in China.
China will also make foreign trade and investment more convenient and support Chinese companies’ outbound investment as long as it’s authentic and compliant, Pan said, as quoted by a statement from SAFE yesterday.
With its economy growing 6.7 percent in 2016, China has the conditions to ensure balance of international payments, Pan said.
He vowed China will create an orderly environment for investment and a more transparent and regulated market.
Weighed on by a weak yuan against the US dollar, regulators have cracked down on illegal cross-border capital flow in the past few months, while reiterating that normal business will not be affected and foreign investment is still welcome.
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