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Outbound funds may rise if change approved
Source: Xinhua |
May 20, 2009, Wednesday
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Print Edition
Print Edition
OUTBOUND investment of Chinese enterprises may be expanded as China's foreign exchange regulator has said it plans to simplify examination and approval procedures for domestic companies' investment abroad.
The State Administration of Foreign Exchange has posted on its Website a draft regulation on foreign exchange management involving domestic enterprises investing abroad, seeking public opinion before June 19.
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 also allows domestic enterprises to seek financing from more sources, including domestic foreign exchange loans, purchasing foreign exchange with the yuan, the foreign currency funds enterprises possess, and their profits gained abroad.
SAFE will also improve its supervision over overseas investment by carrying out annual inspection on investment projects together with the Ministry of Commerce.
China's outbound direct investment reached US$55.6 billion last year, up 194 percent from a year earlier.
The State Administration of Foreign Exchange has posted on its Website a draft regulation on foreign exchange management involving domestic enterprises investing abroad, seeking public opinion before June 19.
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 also allows domestic enterprises to seek financing from more sources, including domestic foreign exchange loans, purchasing foreign exchange with the yuan, the foreign currency funds enterprises possess, and their profits gained abroad.
SAFE will also improve its supervision over overseas investment by carrying out annual inspection on investment projects together with the Ministry of Commerce.
China's outbound direct investment reached US$55.6 billion last year, up 194 percent from a year earlier.
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