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China introduces changes in restrictions on overseas investment

IANS  |  Beijing 

has restricted the investments its companies can make overseas in several sectors including property, hotels and equity funds while easing curbs in sectors like and telecoms, it was reported on Monday.

The National Development and has updated its list of "sensitive sectors" in which in other countries will be restricted. The new list will be effective from March 1, reported.

Under the new regulation, Chinese companies wanting to invest overseas in projects concerning telecom, large-scale land development, electric mains and power grids will only need to complete record filings with the authorities like other common sectors without the need for approval.

These sectors have been removed from the "sensitive sectors" list for the first time since 2014.

Among the sectors added to the list by the Commission were the arms industry, in property, hotels, cinemas, entertainment, sports clubs and equity investment funds, news cited the daily as saying.

Cross-border water resource development and were retained on the list. The decision was part of the government's desire to reduce "irrational investment" overseas.

China's non-financial outbound direct investment in 2017 fell 29.4 per cent year-on-year to $120.08 billion.

--IANS

soni/mr

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

First Published: Mon, February 12 2018. 21:14 IST
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