22 Jan '11, 12pm

Wenzhou postpones personal overseas investment project

SHANGHAI - CHINA'S eastern city of Wenzhou has postponed a pilot project to allow its residents to directly invest overseas, as it has not received a greenlight from the foreign exchange regulator, local media reported on Saturday. The Oriental Outlook Weekly, citing unidentified sources, said the Wenzhou Foreign Trade and Economic Council has received orders from the State Administration of Foreign Exchange (SAFE) to stop work on the project until it receives approval. Still, the paper said the project would likely receive the go-ahead from SAFE as Wenzhou's entrepreneurs have long been making overseas investments by evading capital controls, so the project would legalise an existing practice and help prevent the inflow of hot money from overseas. The plan by the Wenzhou government to allow direct overseas investments by its residents was seen as a major step towards the ...

Full article: http://www.straitstimes.com/BreakingNews/Money/Story/STIS...

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