BEIJING, July 19 (Xinhua) -- China will further
strengthen management of foreign investment projects and check foreign exchange
inflow in a bid to better control it, according to the country's top economic
regulator.
The move will also safeguard the country's economic
safety, protect ecological environment, optimize develop and reform mechanism,
and prevent industrial monopolization, said the National Development and Reform
Commission (NDRC) in a circular on Friday.
Projects that are not approved by the government,
provide fake application materials, or use foreign exchanges improperly, will be
punished.
Local governments will also investigate and supervise
foreign enterprise-involved programs, including joint ventures, exclusively
foreign-owned firms, bilateral cooperation projects, mergers and acquisition
programs.
Meanwhile, regional economic regulators should look
at the projects, monitor foreign exchange inflow channels, and enhance finance
management of foreign enterprises.
Projects with severe environment contamination, high
energy consuming, high resources consuming need stricter inspection and
supervision.
China's cumulative foreign exchange reserve stood at
1.809 trillion U.S. dollars by the end of June, up 35.73 percent year on year,
while foreign direct investment (FDI) rose 45.6 percent to 52.4 billion U.S.
dollars in the first half from a year earlier.
"Hot money" inflow drops with fall in
China's monthly forex increase
BEIJING, June 27 (Xinhua) -- China's foreign exchange
reserve increased 40.3 billion U.S. dollars in May, just over half the rise in
April of 75 billion, to stand at 1.797 trillion dollars, the China Securities
Journal reported on Friday.
In May, China registered a trade surplus of 20.21 billion
dollars while the foreign direct investment (FDI) was 7.76 billion dollars. Full story
China sets forex cap of $50,000 for
foreign visitors during Olympics
BEIJING, July 3 (Xinhua) -- Overseas tourists who come to
China during the Olympics next month will reportedly be able to exchange no more
than the equivalent of 50,000 U.S. dollars at Chinese banks.
Thursday's edition of the Shanghai Securities News quoted
the State Administration of Foreign Exchange (SAFE) as saying that the limit
will remain in effect until a month after the conclusion of the Special Olympic
Games for the disabled (Paralympics) in September. Full story
