China to 'simplify' FDI procedure

21 November 2012 Last updated at 20:43 ET

Chinese yuan notesChina has been keen to boost foreign investment in its financial markets

China has said it will "simplify" procedures for foreign direct investments, the latest step in its attempts to attract more investors.

Under the new rules, investors will not require approval for opening foreign currency accounts or for re-investing foreign exchange earnings.

China has been trying to attract foreign investors in an attempt to spur a fresh wave of economic growth.

China's growth has been slowing and hit a three-year low in the third quarter.

The slowdown has hurt the flow of foreign direct investment (FDI) into the country.

Earlier this week, China reported that FDI fell 0.24% in October, from a year earlier. That was the 11th month to record a drop in the past year.

The new regulations will be implemented from 17 December, according to the state news agency Xinhua.

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