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China Clarifies Approval Authority for Foreign-invested Projects

China's National Development and Reform Commission (NDRC) has set forth the scope of foreign-invested projects that are subject to government approval, and will step up effort in the approval and filing management work.

In a circular, NDRC said that any project of the restricted category with a total investment amount (including capital increase) of US$300 million or above indicated in the Catalogue for the Guidance of Foreign Investment Industries shall be examined and approved by the NDRC, and it shall be submitted to the State Council for the record provided the total investment amount (including capital increase) reaches the level of US$2 billion or above.  Other projects of the restricted category which are invested with a total amount of less than US$300 million shall be examined and approved by the provincial government.

Those foreign-invested projects beyond the scope of examination and approval and not in the prohibited category provided in the Catalogue shall be presented to local development and reform commissions for the record. NDRC said in the circular that development and reform commissions at all levels will step up efforts in further streamlining administration and delegating power, combining delegation with control, optimising services, simplifying the approval and filing procedures, and creating a favorable environment for foreign investment.

For details of the circular in Chinese, please see:

http://www.sdpc.gov.cn/zcfb/gfxwj/201701/t20170117_835331.html

Content provided by Picture: HKTDC Research
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