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Print[Ferro-alloys.com] Vice deputy of National Development and Reform Commission (NDRC) Zhang Xiaqiang attended an investment forum on December 3rd. He disclosed China would promote overseas investment and consolidate the role of enterprises as main players in overseas investment. Administrative examination and approval would be reduced. Approval system would be gradually replaced by registration system in general overseas investment. This policy had already been carried out in Shanghai Free Trade Zone.
Resolution of the third plenary session pointed out China would expand corporate and private overseas investment and establish their subject status. Overseas investment cooperation was allowed if enterprises would like to make better use of their advantages. Engineering construction and labor cooperation projects at one’s own risk were allowed.
Mr Zhang disclosed outward foreign direct investment (OFDI) of China was as much as RMB 69.5 billion (USD11.2 billion) in the first ten months of 2013, up 19.6% year-on-year. It was predicted annual OFDI would hit a new high.
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