CHINA / National
China sets guidelines for overseas investments
(Xinhua)
Updated: 2006-10-26 07:04
BEIJING -- China's State Council, or the cabinet, Wednesday approved the
first guideline policy document for Chinese enterprises investing
overseas.
The document, titled "Opinions on encouraging and regulating overseas
investments by Chinese enterprises", was adopted at a meeting chaired by
Premier Wen Jiabao.
The document says China's overseas investments must follow the principles
of mutual respect, mutual benefit, complementarity and win-win
cooperation.
It stresses the need for proper guidance and coordination of firms to
prevent competition among Chinese businesses in order to safeguard
national interests.
The document calls for improved supervision of the management of
state-owned assets overseas and the establishment of proper risk
assessment and cost management systems for overseas ventures.
When investing overseas, the document says, Chinese enterprises must
observe local customs and laws, be fair and transparent in dealing with
engineering contracts, protect the interests of local employees and the
environment, and support local charities.
Chinese enterprises must strive to improve the quality of their products
and services to boost their international competitive edge, the document
says.
In response to growing terrorist threats, the document calls for more
efforts to protect the safety of employees and the properties of overseas
Chinese businesses.
It also urged overseas businesses to safeguard their image as well as the
image of the country, and spread China's policy of peaceful development.
China is a rising international investor. Its overseas investments surged
123 percent in 2005 to reach 57.2 billion U.S. dollars at year end. The
figure is expected to rise by a further 60 billion dollars by 2010.
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