Wenzhou City, east China's Zhejiang Province, has launched a new scheme under which individuals will be allowed to invest overseas on a trial basis to encourage capital outflows amid high inflation and rising foreign exchange reserves. Residents in Wenzhou can invest up to US$3 million overseas in any single investment or spend no more than US$200 million annually, and may not invest in overseas financial companies, the Wenzhou Foreign Trade and Economic Cooperation Bureau reported. Several individuals can invest up to a combined US$10 million in the same project overseas. In the Wenzhou trial, individuals can convert their yuan into foreign exchange, or use their own foreign exchange assets. China is already the world's biggest foreign exchange reserve holder with US$2.65 trillion at the end of September 2010. For more information about FDI from China, contact us today.
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