China has taken steps to ease controls on overseas investment by Chinese companies, the official Xinhua news agency reported Thursday, citing the National Development and Reform Commission (NDRC).
Chinese companies planning to invest less than US$1 billion overseas will only need to register with authorities rather than seek approval from the NDRC, the country’s top economic planning body.
The rule does not apply to investment projects in sensitive countries, regions or sectors, the report said. It did not elaborate.
Previously, Chinese investment worth US$300 million or more in natural resources exploitation and US$100 million or more in other sectors were subject to NDRC approval.
Under a simplified approval procedure, a company planning to invest overseas can directly apply to a provincial economic planning body, rather than going through county and city-level authorities.
Investors will normally need to wait about 20 working days for the approval. When an application requires third-party evaluation, the time will be no longer than 40 working days.
The registration process will take no more than seven working days.
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