WELLINGTON, July 23 (Xinhua) -- New Zealand Finance Minister Bill English said on Thursday that the government has simplified overseas investment rules and is looking to ease up other restrictions.

    The changes are the first part of a two-part review, with the second part focusing on changes to the Overseas Investment Act itself, the New Zealand Press Association reported.

    Under the changes, ministers have delegated greater decision-making powers to the Overseas Investment Office, which will be able to decide all applications barring rural sensitive land or land adjoining waterways.

    The changes take effect immediately.

    English said 98 percent of all applications were approved anyway and the move would speed up approvals and cut red tape.

    In the next few weeks, the government is to consider the second part of the review, aimed at three main areas of the Act. 　

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