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China has 'basically exited' from outbound investment curbs: regulator

Reuters  |  BEIJING 

(Reuters) - has "basically exited" from its curbs on irrational outbound deals, Pan Gongsheng, the head of the foreign exchange regulator, was quoted by media on Monday as saying.

"At the end of last year, several departments took phased measures to control irrational outbound direct investment, and so far they have basically exited (from such measures)," Chinese financial outlet Yicai quoted Pan, head of the State Administration of Foreign Exchange (SAFE), as saying.

Pan did not elaborate.

China's non-financial outbound direct in January- October slumped 40.9 percent year-on-year to $86.31 billion as authorities bear down on what they say are speculative foreign ventures.

The decline in outbound reflected the government's restrictive measures and "a gradual maturity and return to rationality of external by market players", Pan said.

says it continues to encourage genuine deals but has vowed to limit in property, hotels, entertainment, sports clubs and film industries which it suspects is more speculative.

also says it encourages by qualified companies as they integrate into the global industrial and value chain and support by firms involved in "Belt and Road" projects, while taking steps to curb risks.

In November, China's state planner issued draft guidelines for its companies investing overseas, streamlining approval processes for deals while raising oversight for projects in sensitive sectors and countries.

(Reporting by Kevin Yao; Editing by Kim Coghill)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, December 04 2017. 13:21 IST