Guangdong Revokes Licenses of Bogus BusinessesIn the first half this year, Guangdong Province in south China revoked the licenses of 3,346 overseas-financed businesses existing only in name.An official with the provincial Administration for Industry and Commerce said these businesses failed to declare their investments, had no records of their operations and had obtained their licenses with forged documents. By June this year, there were 52,069 overseas-financed businesses in Guangdong, with a combined investment of 214.51 billion U.S. dollars. In the first six months of the year, 1,771 new overseas-financed businesses were set up Guangdong, which had 2.34 billion U.S. dollars in total registered capital. Both figures represent double-digit increases from the same period last year, said the official. |
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