China to further simplify procedure for investment abroad

Home>>Business

Last updated at: (Beijing Time) Monday, December 22, 2003

China to further simplify procedure for investment abroad

The Chinese Ministry of Commerce (MOC) vowed on Monday to continue the reform of executive procedures to facilitate investment abroad.

DISCUSSION

CHINESE

SEND TO FRIEND

The Chinese Ministry of Commerce (MOC) vowed on Monday to continue the reform of executive procedures to facilitate investment abroad.

Figures from the ministry show that in the January-November period, Chinese investors poured 1.74 billion US dollars abroad, and set up 448 new joint-funded enterprises based in foreign countries or regions.

The two figures surged by 91.6 percent and 45.5 percent respectively, year-on-year.

The MOC, which is in charge of internal and external trade, said it collaborated with the State Administration of Foreign Exchange to carry out pilot reform earlier this year.

The reforms included authorizing local governments to pass investment applications of less than three million US dollars each,reducing the requirement for materials and papers for examination, and some other measures to simplify procedure, the MOC said in a news release issued on Monday.

The ministry said it will expand the reform nation-wide, and try to administrate via the Internet to further help enterprises to invest abroad.

In recent years, while absorbing large amounts of foreign investment, the Chinese government has adopted a "Go-abroad" policy, and encouraged enterprises to invest abroad.

Such investment is expected to strengthen enterprises' international competitiveness and tighten economic ties with the receiving countries or regions.

Chinese enterprises, such as PetroChina, Sinopec, home-appliance maker Haier and energy giant Huaneng Group, have set up joint ventures or acquired shareholdings in many countries, including the United States, Australia, the Philippines, Malaysia and Indonesia.

MOC figures show that, as of 2002, Chinese investment abroad totaled 29.9 billion US dollars, with an annual sales volume of Chinese-funded ventures in foreign countries reaching 77.2 billion US dollars-worth in 2002.

Questions?Comments? Click here

China Encourages Private Companies to Invest Abroad

China opposes foreign interference on HK affairs: Official ( 54 Messages)

China seeks int'l support in counter-terrorism ( 12 Messages)

Former Iraqi President Saddam Hussein arrested ( 101 Messages)

Nanjing Massacre remembered ( 54 Messages)

Abandoned Chinese babies find love from foreign parents ( 3 Messages)