 |
|
| China to micro－monitor overseas Chinese operations |
| CCTV.COM 2002-12-17 13:12:47 |
|
China is mulling over how to improve its capital presence overseas and, to achieve this, it's come up with a new micro－monitoring system. The Ministry of Foreign Trade and Economic Cooperation （MOFTEC） says the new system is designed to assess overseas investments by Chinese firms and will take effect next year.
The ministry says different aspects of the overseas operations of Chinese companies will be assessed, including the efficiency of capital operations and asset quality.
The annual assessments will be jointly carried out each April by MOFTEC and the State Administration of Foreign Exchange. If the companies don't pass the assessment, they won't be allowed to trade in foreign exchange or make new overseas investments.
MOFTEC says the new system signals the government's shift in focus from prior investment approval to monitoring as well as an official determination to reform management of overseas investments.
According to MOFTEC statistics, the government has given nearly 7,000 companies the go－ahead by the end September to invest money overseas. The combined contractual volume came to 13.5 billion US dollars.
|
|
Editor: Xiao Wei CCTV.com
|
|
|
|
|
|
|
