China foreign investment

PUBLISHED : Wednesday, 18 September, 1996, 12:00am
UPDATED : Wednesday, 18 September, 1996, 12:00am

Beijing has decided to expand the powers of regional governments in approving foreign-funded projects as part of its plan to narrow the economic gap between coastal and inner regions.

Hong Kong China News Agency quoted sources from the State Planning Commission saying regional governments could now approve foreign-funded projects of less than US$30 million instead of $10 million previously.

They said there was the possibility and the need to allow inner regions to enjoy the same policies and rights in approving foreign-invested projects to direct more foreign investments into landlocked provinces.