Date
17 August 2017

Govt mulls 100 bln overseas expansion fund, paper says

The Ministry of Industry and Information Technology is looking at ways to set up a 100 billion yuan (US$16.52 billion) investment fund to help firms ease industrial overcapacity by expanding overseas, National Business Daily reported Tuesday, citing unidentified sources. Wang Jian, from the ministry’s center for international economic and technological cooperation, said companies rather than the government should be the main drivers of the capacity shift. Huo Jianguo, head of the Ministry of Commerce’s international trade research institute, also said that firms must choose to head offshore rather than have it “arranged” by the government, the report said.

– Contact HKEJ [email protected]

TL/AC/SK

 

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