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CIRCULAR OF THE STATE COUNCIL ON EXPANDING THE EXTENT OF AUTHORITY OF PROVINCES,
AUTONOMOUS REGIONS AND SEPARATE PLANNING CITIES AND RELEVANT DEPARTMENTS OF THE
STATE COUNCIL OVER EXAMINATION AND APPROVAL OF PROJECTS FOR INTRODUCTION OF
DIRECT INVESTMENT BY FOREIGNERS
[Note] (August 22, 1996)
Full Text
To further open to the outside world, facilitate sustained, fast and healthy
development of national economy, and to create conditions for reducing
inter-regional gaps, the State Council has decided to properly expand the extent
of authority of following units over examination and approval of projects for
introduction of direct foreign investment: inland provinces, autonomous regions
and separate-planning cities; relevant ministries and commissions, closely
affiliated institutions of the State Council; China Academy of Sciences;
Shipping Industry General Corp.; Ordnance Industry General Corp.; Aviation
Industry General Corp.; Aerospace Industry General Corp.; Nuclear Industry
General Corp.; Oil and Chemical Industry General Corp.; Nonferrous Metals
Industry General Corp.; General Logistics Department of the PLA.
When examining any productive project for introduction of direct foreign
investment which conforms with the Temporary Provisions on Direction of
Investment by Foreigners and the Guiding List of Industries for Investment by
Foreigners, and for which the Chinese partner has no problem with investment,
construction, production and business operation and can satisfy the demand for
foreign exchange through their own balance arrangement, abovementioned
localities, ministries and units may extend their jurisdiction over examination
and approval of such a project from former limit of maximum total investment
value of USD 10,000,000 to the new limit of maximum total investment of USD
30,000,000. After approval is obtained, the project shall be reported to the
State Planning Commission or the State Economy and Trade Commission for record
depending on the construction category of the project. The contract and articles
of association of the projected enterprise shall be reported to the Ministry of
Foreign Economic relations and Trade for record.
This Circular comes into force as of the date of promulgation. |
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