External investment approval authority

On March 18, 2011, the national development and reform commission issued the notice said under the new situation, in order to adapt to the needs of the development of overseas investment, will place the Chinese investment enterprise implementation of $3 billion the following resources development type, 1 billion dollars of the resource development under overseas investment projects (special project except) audit right down to your local development and reform commission. Central management enterprise implementation of overseas investment projects, the YangQi decision-making by national development and reform commission and submitted for the record.

Explicit approval authority standard devolved

According to the development and reform commission notice, the Chinese investment of $3 billion and more resources development type, $100 million and above the resources development class of overseas investment projects approved by the national development and reform commission, still.

In addition, the audit commission asked local projects do strict separation. Project investment market prospects, economic benefit, financing source and product technology solutions by enterprises such as decision-making, responsibility and risk since. Provincial development and reform department deal with overseas investment project possible political, economic and legal risks hints.

The commission said foreign investment projects, lowering part approval authority, is in order to adapt to the new situation of the investment and development needs. Xiamen university, director of China energy research center LinBoJiang thinks, at present as more and more Chinese enterprises are to overseas, overseas project is more and more big, the $3 billion project now seem to have is little projects, such as oil and natural gas in the overseas investment projects are billions of dollars, so wade endowment devolved permissions are really conform to the present foreign investment situation. In addition, transfer to a lower level of authority also advantageous reduce enterprise cost of decision, a small project can only by enterprises for independent decision or by local development and reform commission decision can.