China will allow individual citizens to invest abroad after the country’s overseas investment rules are revised, China News Service reported Wednesday, citing a statement from the National Development and Reform Commission.
The top economic policy planner will draft a new set of rules on overseas investment, shortening the list of investment activities that require government approval and simplifying the approval process.
It is also preparing mid-term and long-term development plans for foreign investment. Key target sectors and regions will be identified.
Chinese investors will be encouraged to invest in sectors that will help meet the country’s energy needs, boost industrial restructuring, solve overcapacity problems, promote exports of services and industrial standards. The government will also provide tax and financial incentives to investors.
Non-financial direct investments made by Chinese in the first half fell 5 percent year on year to US$43.34 billion, NDRC data shows. The commission attributed the decline to the sluggish world economy and rising protectionism.
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