SHANGHAI: China will ease restrictions on overseas investments by local firms and deals below US$1bil will no longer need approval, the country's economic planner said in another step to cut red tape and facilitate the growth of private investment.
Starting from May 8, Chinese firms planning to invest less than US$1bil will only need to register with authorities rather than seek approvals from the National Development and Reform Commission (NDRC), the commission said in a statement late on Thursday.
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