June 26, 2017 / 6:55 AM / 5 months ago

China to strengthen supervision of overseas investment: Xinhua

BEIJING/SHANGHAI (Reuters) - China will strengthen supervision of overseas investment, and establish a system to protect overseas enterprises, the official Xinhua news agency said on Monday, citing a top-level meeting chaired by President Xi Jinping.

FILE PHOTO: A China yuan note is seen in this illustration photo May 31, 2017. REUTERS/Thomas White/Illustration/File Photo

The meeting also resulted in a call for an improvement in the quality of statistics, after several provincial governments were caught inflating their economic data, Xinhua said.

Chinese regulators have been working to control potential systemic financial risks, including those posed by domestic companies acquiring global assets.

Last week, sources told Reuters that China’s banking regulator had ordered a group of lenders to assess their exposure to offshore acquisitions by a handful of companies that have been on an overseas buying spree.

Xinhua also said on Monday a report from Vice Premier Zhang Gaoli to the country’s political advisory body pledged to steadily push forward with destocking in the property market.

China will also push ahead with a debt-to-equity swap program, and gradually lower the corporate leverage ratio, Xinhua said.

Reporting by Beijing Monitoring Desk and Andrew Galbraith in Shanghai; Editing by Simon Cameron-Moore

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below