Provincial Approvals of Foreign Investment Clarified
July 02, 2001 | BY
clpstaff &clp articlesNew regulations governing record filing requirements and procedures have been issued by MOFTEC. This law aims to clarify record filing procedures and streamlines the record filing process
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New regulations governing record filing requirements and procedures have been issued by MOFTEC. This law aims to clarify record filing procedures and streamlines the record filing process.
In 1999, the State Council of the PRC created an important exception to the rule that foreign- invested enterprises (FIEs) have to apply to the Ministry of Foreign Trade and Economic Cooperation (MOFTEC) for approval to invest more than US$30 million. The provincial equivalent offices of MOFTEC were given the power to grant these approvals for FIEs in the "encouraged category". Not long after this exception was created, the Issues relevant to Record Filing with the Ministry of Foreign Trade and Economic Cooperation of Foreign Investment Enterprises in the Encouraged category that are Above the Examination and Approval Limit of Provincial Level Foreign Trade and Economic Cooperation Authorities Supplementary Circular (Supplementary Circular) was issued to the provincial offices requiring them to file approvals granted for foreign investment in excess of US$30 million with MOFTEC.
Supplementary Circular
On June 1 2001, MOFTEC issued a Supplementary Circular clarifying the requirements and procedures for filings.
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