PRC Outward Direct Investment: Liberalization Momentum Consolidated

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The Circular drops the previous acquisition deposit requirement but adds a repatriation requirement where approval procedures are not completed within six months.

PRC investors' ability to compete in the increasingly fast-moving market for cross-border M&A, and other forms of foreign direct investment, will be increased by simplification of various procedures and by expanded freedom to remit funds for early stage expenses.

Neal A. Stender, Orrick, Herrington & Sutcliffe, Hong Kong;
Xiaowei (Sherry) Yin, Nicholas Sheets and Lei Cui,
Coudert Brothers LLP, Beijing and Shanghai

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