China pledges to help private firms invest abroad

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The country will strengthen macro guidance on private companies' overseas investment and help them invest in a step-by-step and focused manner, according to a statement jointly¹ issued by 13 central government departments, including the Ministry² of Commerce and the People's Bank of China.

The nation will increase financial support to private companies and simplify customs clearance³ procedures, the statement said.

Private companies which have invested abroad are asked to abide⁴ by local laws and regulations, respect local social customs, protect the interests of their employees, fulfill⁵ social responsibility, according to the statement.

These companies are also encouraged to strengthen coordination⁶ and cooperation among each other to prevent disorderly and "malignant⁷" competition.

The statement asked relevant departments to make full use of multilateral high-level exchanges and consultation⁸ mechanisms⁹ as well as trade pacts¹⁰ to create a favorable and stable overseas investment environment for private companies.

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