|
The State Council
Circular of the State Council on Expanding the Authority Extent of Examination and Approval of Provinces, Autonomous Regions and Municipalities
Separately Listed on the State Plan and Relevant Departments of the State Council over Projects for Introduction of Direct Investment
by Foreigners
GuoFa[1996]No.34
August 22, 1996
The people’s governments of various provinces, autonomous regions and municipalities directly under the Central Government, each ministry,
commission and directly subordinate institution of the State Council:
To further open to the outside world, facilitate sustained, fast and healthy development of national economy, and to create conditions
for reducing inter-regional gaps, the State Council has decided to properly expand the extent of authority of following units over
examination and approval of projects for introduction of direct foreign investment: inland provinces, autonomous regions and municipalities
separately listed on the State plan; relevant ministries and commissions, closely affiliated institutions of the State Council; China
Academy of Sciences; Shipping Industry General Corp.; Ordnance Industry General Corp.; Aviation Industry General Corp.; Aerospace
Industry General Corp.; Nuclear Industry General Corp.; Oil and Chemical Industry General Corp.; Nonferrous Metals Industry General
Corp.; General Logistics Department of the PLA.
When examining any productive project for introduction of direct foreign investment which conforms with the Interim Provisions on
Guiding Direction of Foreign Investment and the Guiding List of Industries with Foreign Investment, and for which the Chinese partner
has no problem with investment, construction, production and business operation and can satisfy the demand for foreign exchange through
their own balance arrangement, abovementioned localities, ministries and units may extend their jurisdiction over examination and
approval of such a project from former limit of maximum total investment value of USD 10,000,000 to the new limit of maximum total
investment of USD 30,000,000. After approval is obtained, the project shall be reported to the State Planning Commission or the State
Economic and Trade Commission for record depending on the construction category of the project. The contract and articles of association
of the projected enterprise shall be reported to the Ministry of Foreign Economic relations and Trade for record.
This Circular shall enter into force as of the date of Promulgation.
|
