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Wednesday, November 30, 2016, 09:13

China for 'compliant' overseas investment

By Xinhua

China for 'compliant' overseas investment
People’s Bank of China Deputy Governor Yi Gang speaks during a CNN Debate on the Global Economy at the 2016 Annual Meetings of the International Monetary Fund and the World Bank Group at the IMF Headquarters in Washington, DC, Oct 6, 2016. (SAUL LOEB / AFP)

BEIJING - China will always support legitimate and compliant overseas direct investment , the State Administration of Foreign Exchange said Tuesday.

Working with relevant departments, the foreign exchange regulator will crack down on fake overseas investment activities

Working with relevant departments, the foreign exchange regulator will crack down on false overseas investment activities and ensure the legitimacy and authenticity of overseas direct investment , the administration said.

China reiterated Monday that it will stick to its opening up policy and "going out" strategy, facilitating investment abroad while guarding against risks, according to a statement.

The nation will adhere to outbound investment management policies that allow enterprises to make their own decisions in accordance with the market, international practice and government guidance, it said.

The record-filing system will be the main means of managing outbound investment and authorities will verify outbound investment projects in accordance with relevant regulations, the statement said.

Outbound investment has grown quickly in recent years and played an important role in deepening cooperation between China and other countries, as well as promoting the restructuring of the domestic economy, the statement said.

"I believe capital that has flown from China will return in the future," said Yi Gang, deputy governor of the People's Bank of China, the central bank, in an exclusive interview with Xinhua, citing the country's abundant foreign reserves, huge market and sound business environment.

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