In line with the State Council’s requirements for further simplifying policies and delegating authority, the National Development and Reform Commission (NDRC), the Ministry of Commerce (MOFCOM) and the State Administration of Foreign Exchange (SAFE) have been busy issuing regulations in 2014 that further simplify the oversight of Chinese (non-financial) foreign direct investment (FDI).
The Administrative Measures for the Approval and Recordal of Offshore Investment Projects, implemented from 8 May 2014, establish the new administrative mechanism that makes recordal primary and approval secondary. Under the new mechanism, the development and reform commissions’ approval and recordal authority is as set out in the first table.
With respect to an offshore investment project carried out by a Chinese enterprise through its offshore enterprise or establishment (i.e. a reinvestment project), only when the cross-border provision of credit support – such as the provision of financing or security by a domestic company – is involved is it necessary to carry out approval or recordal procedures.
|
机关 Regulator |
权限 Authority |
适用范围 Scope of application |
时限 Time limit |
|
国家发改委 NDRC |
核准 Approval |
中方投资额 ≥ 10亿美元；或 涉及敏感国家和地区或敏感行业 Investment of Chinese party ≥US$1 billion; or sensitive country or region, or sensitive industry involved |
受理后20个 工作日 Within 20 working days after acceptance |
|
备案 Recordal |
中方投资额 3 – 10亿美元；或 中央企业投资项目 Investment of Chinese party from US$300 million to US$1 billion; or Investment project of an enterprise under the central government |
受理后7个 工作日 Within seven working days after acceptance |
|
|
省级发改委 Provincial-level development and reform commission |
备案 Recordal |
中方投资额 < 3亿美元 Investment of Chinese party < US$300 million |
参照国家 发改委 Same as for the NDRC |
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Xiong Jin is a partner at King & Wood Mallesons in Beijing. His contact tel: +86 10 5878 5158; Email: xiongjin@cn.kwm.com
