Normal profits of foreign firms ‘can be repatriated’

    REPATRIATION of normal profits by foreign invested firms will not be restricted, the head of China’s foreign exchange regulator said yesterday.

    The comments follow several similar government statements meant to reassure foreign companies that stronger controls on capital leaving the country will not impact operations of foreign firms in China. Pan Gongsheng, the head of the State Administration of Foreign Exchange, also said China supports legitimate overseas direct investment by Chinese firms.

    Outbound property investment seen dropping

    CHINA’S recent clampdown on capital outflows is expected to bite into outbound overseas property investment this year, real estate advisory firms said yesterday.

    DTZ/Cushman & Wakefield said in a report it expected the deal volume of China’s outbound property investment would drop slightly in 2017 under the clampdown, after 2016 investment into overseas commercial real estate reached a record high of US$38.3 billion. In a separate statement, Jones Lang Lasalle (JLL) said it may be challenging for China to see a similar increase in 2017.

    Govt. to strengthen market regulation by 2020

    CHINA plans to strengthen market regulation by 2020 to fight fake goods, food and drug safety issues and lack of consumer protections, among other things, said the country’s Cabinet in an announcement posted on its official website Monday.

    China’s State Council set out principles underpinning market improvement goals in a five-year plan, which included strengthening consumer rights, improving market efficiency and removing barriers to encourage entrepreneurship. China will ensure comprehensive and transparent market access rules and improve the commercial registration system to ease market access, according to the plan.

    LNG imports hit record in December

    CHINA’S liquefied natural gas (LNG) imports hit a record high in December, customs data showed Monday, driven up as the country pushes towards cleaner fuels.

    The world’s No.2 economy shipped in 3.73 million tons of LNG in December, topping the previous record of 2.66 million tons in November and up from 2.10 million tons a year ago, the General Administration of Customs said. The government in 2014 launched a “war on pollution” to reverse the damage done by decades of untrammeled growth.