December 19, 2017 / 12:11 AM / in a year

China to publish code of conduct for SOEs investing overseas-China Daily

SHANGHAI, Dec 19 (Reuters) - China will soon release a code of conduct for state-owned enterprises making outbound investments as the country looks to curb risks to its financial security, the China Daily newspaper reported citing an unnamed state planning official.

The code of conduct will be similar to regulations published on Monday targeting private companies, the newspaper quoted the official with China’s National Development and Reform Commission (NDRC) as saying.

A blacklist naming companies which have violated rules will also be established, China Daily said, citing a second unnamed government source.

Beijing has been stepping up scrutiny of outbound investment after a surge in international deals last year fuelled concerns that some deals were being used to disguise capital flight as the yuan currency weakened.

The rules published on Monday urged private companies to strengthen risk controls and safety measures in overseas investments as well as set up contingency plans.

Reporting by Brenda Goh; Editing by Stephen Coates

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