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People's Daily Online>>China Business

Financial pilot project in Wenzhou to boost private investment overseas

By Ding Zhijie (People's Daily Overseas Edition)

14:08, April 01, 2012

Edited and translated by People's Daily Online

The State Council recently approved plans to launch a series of experimental financial reforms in Wenzhou, Zhejiang province, including allowing Wenzhou residents to make direct overseas investment on a trial basis and establishing standard and convenient direct investment channels.

This is another important step of China in implementing its "Going Global" strategy after it allowed the yuan to be used in direct overseas investment on a trial basis in early 2011.

China plans to strike a balance between foreign capital utilization and overseas investment through vigorously implementing the "Going Global" strategy. The active use of foreign funds has been a major contributor to China's economic takeoff, but the country has also paid the price of relinquishing many development opportunities. In order to ensure sustainable economic growth, China must foster investment abroad and share in the fruits of the economic development of overseas investment destinations.

Selecting Wenzhou as a pilot city for personal direct overseas investment will greatly promote the implementation of the "Going Global" strategy.

Wenzhou has a highly developed private economy, and enjoys considerable advantage in electrical equipment, footwear, general equipment, plastics, and clothing manufacturing industries, with vast investment prospects in developing countries and strong international competitiveness.

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