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China sticks to 'going out' strategy amid outflows


11-29-2016 11:23 BJT

China will continue to open up its economy and stick to its strategy of investing overseas. That's according to a joint statement issued by four government entities, including the National Development and Reform Commission and the central bank.

The government will continue to encourage the healthy development of outbound investment. Companies will be allowed to make their own decisions. Authorities will verify their outbound investment projects in accordance with relevant regulations.

The note came on concerns of surging capital outflows as the Chinese yuan slides to its lowest level against the US dollar in eight and a half years. Chinese investments overseas have increased in recent years and have played an important role in strengthening economic ties with other countries.

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