China announces new rules for foreign investors

Beijing News.Net
Wednesday 20th May, 2009

China's foreign exchange regulator has announced plans to simplify approval procedures for domestic companies investing abroad.

The State Administration of Foreign Exchange has asked for public opinion on its new scheme whereby companies will be allowed to register the source of their foreign exchange financing after they invest overseas, instead of obtaining approval beforehand.

The new rules will allow domestic enterprises to seek financing from more sources, including the purchase of foreign exchange with yuan.

An annual inspection of investment projects will be carried out in cooperation with the Ministry of Commerce.

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