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China Encourages Enterprises to Invest More Overseas
China is to take measures to encourage its strong enterprises to invest more overseas, China's Minister of Foreign Trade and Economic Cooperation (MOFTEC) Shi Guangsheng said in Beijing Tuesday, December 26.
Shi said at the on-going National Working Conference on Foreign Trade and Economic Cooperation, which began in Beijing Monday, that foreign trade departments at all levels in the country should continue to encourage Chinese firms to invest abroad.
He said China will make relevant regulations on Chinese investments abroad as soon as possible and improve the policy concerning tax, credit, foreign exchange and insurance of Chinese businesses overseas. The relevant application procedure will be simplified as well.
To protect the interests of Chinese firms overseas, China will sign bilateral investment protection agreements with relevant foreign governments. China will also study multi-lateral investment guarantee articles and provide help to Chinese firms overseas, said the minister.
Chinese President Jiang Zemin urged Chinese firms to invest overseas last year during a speech at the Shanghai Forum of the "Fortune" magazine, saying they can learn more and sharpen their competitive edge by investing abroad.
Shi said qualified Chinese firms should take bold steps to invest overseas. But he warned they should avoid competing with each other in a same market, and that they should abide by the laws of relevant countries.
From January to November this year, China gave approval for 313 firms to invest overseas, involving a contractual Chinese investment volume of US$660 million. The total number of Chinese firms established overseas totaled 6,000 by the end of November, involving US$10 billion of investment in total.
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