East China’s Jiangsu province has drafted notice on the regulation of the going global strategy of the local enterprise through classification so as to boost the overseas presence of the local companies.
Local enterprises ' overseas investment projects will be classified into three categories: encouragement, restriction and prohibition, according to the notice.
Local enterprises are encouraged to get involved in the investment projects in the country’s Belt and Road promotion, the international cooperation of production capacity, the export of domestic production capacity, the improvement of the technology research and development and manufacturing capacity, and the promotion of China's related industries in their efforts to upgrade the quality of overseas investment projects.
We're investing more in the brick-and-mortar economy and also the service sector, said Lu Jian, director of overseas investment and cooperation with the provincial department of commerce.
Restrictions are given on the foreign investment that is inconsistent with the national policy of peaceful development, mutual benefit and opening-up strategy, and macro-control policies such as real estate, hotels, studios, entertainment, sports clubs, and investment platforms without specific industrial projects.
The province will strictly prohibit the overseas investment on gambling, prostitution and other sectors that might harm or endanger the national interests and national security, the notice said.
