Easier policies to boost outbound investment by 10%  

(ECNS) -- The year on year growth rate of China's outbound direct investment (ODI) is expected to surpass 10 percent, thanks in no small part to a more favorable policy environment, said an official with the Ministry of Commerce.

The Chinese government held a press conference on Wednesday to mark a new revision to outbound investment policies that will cut red tape for ODI approval and grant firms more freedom.

Zhang Xiangchen, Assistant Minister of Commerce (MOC), said companies would only need to register their overseas investment projects with the MOC, not gain approval, with a few exceptions involving investment in sensitive countries and industries.

Previously, any overseas investment of more than $100 million required approval by the MOC. Overseas investment in energy and mining, or projects under $100 million had to be approved by provincial governments.

Under the new rules, companies can complete registration in three days.

Zhang said the new policies are set to further boost outbound investment.

"Growth of China's ODI has entered the fast lane and I predict the total number in 2014 to reach 120 billion yuan ($20 billion)," he commented.

Zhang added that the figure is still small compared to that of developed nations, and that China would work to improve its quality of investment.