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China eyes more overseas investment
2012-11-09
Brief:China encourages more Chinese firms and private individuals to invest abroad.
The head of China's central bank has signalled Beijing's readiness to permit more Chinese firms and private individuals to invest abroad.

Australia is already one of China's largest overseas investment destinations, with more than $70 billion worth of investment projects approved by the government to date. That tally is likely to swell if Beijing's policies on outflows are relaxed.

"China encourages more outflow of capital, Zhou Xiaochuan, governor of the People's Bank of China, told the Bo'ao Forum in China,. "We may further relax the restrictions on that and allow Chinese businesses and individuals to invest more easily abroad."

Mr Zhou's statement was echoed by a recent central bank policy document that encourages more Chinese investment abroad as "the shrinkage of western banks and companies has vacated space for Chinese investments."

The chief executive of China's largest commercial bank has also recently called for more investment from his country in the resource-rich regions of the world - primarily Australia, Africa and Latin America - in order to satisfy the demands of China's industrial machine.

Business Day

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