×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Tags: China | Overseas | Investment | Private

China to Spur Overseas Investment by Private Firms

Tuesday, 03 July 2012 09:09 AM EDT

Chinese private firms investing abroad will get new policy support, including tax relief and easier access to credit, the country's top planning body said on Tuesday, to balance capital flows and move up the global value chain.

The government will provide tax relief for private firms that have already paid income tax in foreign countries, according guidelines issued by the National Development and Reform Commission (NDRC) on its website, www.ndrc.gov.cn.

In addition, Chinese banks will provide more loans and export credit to help with mergers and acquisitions, the NDRC said, adding that the firms will be allowed to issue stocks and bonds, including yuan denominated, in overseas markets.

China is particularly interested in energy and resource investment overseas as well as high-tech and advanced manufacturing industries to help "develop domestic new strategic industries, upgrade and restructure industries", according to the guidelines.

China, with $3.3 trillion in foreign exchange reserves — the world's largest — is stepping up the decade-old "go out" aimed at smaller firms, including making it easier to buy foreign currencies to complete deals, the NDRC said.

Overseas investment has been dominated by big Chinese state-owned firms, which accounted for 80 percent of the accumulated outflows totaling $1.5 trillion at the end of 2011.

© 2023 Thomson/Reuters. All rights reserved.


204
2012-09-03
Tuesday, 03 July 2012 09:09 AM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
Get Newsmax Text Alerts
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved