The National Development and Reform Commission (NDRC) published the Administrative Measures for Approval of Outbound Investment Projects (Draft for Consultation) (《境外投资项目核准管理办法（征求意见稿）》) on August 16 2012.

The draft Measures remove NDRC approval for outbound investments made by an overseas subsidy of a domestic company, giving provincial-level Development and Reform Commissions (DRCs) the power to approve certain projects and simplifying procedures for overseas bids and acquisitions.

The battle for authority

Article 24 of the Measures states that approval must first be obtained from the NDRC, before the country's other regulators such as the Ministry of Commerce (MOFCOM), State Administration of Foreign Exchange (SAFE) and the State Administration of Taxation (SAT) can approve the outbound investment.