(Yicai Global) April 25 -- Chinese companies’ foreign investments exceeding USD300 million will be put under key supervision under the interim measures announced by seven ministries and regulators, including the commerce ministry and the People’s Bank of China, the central bank.
Chinese companies investing abroad shall regularly submit information on key links of their foreign investment plans to relevant departments, said the ministry of commerce on its website today.
The information to be submitted shall include but is not limited to: monthly and annual information that will be presented in accordance with the statistical system of foreign direct investment regulations, early-stage information regarding the investment and acquisition, progress of ongoing foreign investment projects, major problems in foreign investment, compliance with the local laws and regulations, protecting resources and environment, protecting the legitimate rights and interests of employees, fulfilling social responsibilities and implementing health and safety measures.
When major adverse events or unexpected safety incidents occur in foreign investment of domestic companies, it shall be reported to the relevant competent authorities immediately under the principle of “one report per case” and the relevant authorities shall report the situation to the ministry of commerce.
Apart from the commerce ministry and PBOC, the other ministries and regulators include the State-owned Assets Supervision and Administration Commission, SASAC, the China Banking and Insurance Regulatory Commission, CBIRC, the China Securities Regulatory Commission, CSRC, and the State Administration of Foreign Exchange, SAFE.
Editor: Mevlut Katik