China's NDRC says to ease restrictions on overseas investments

SHANGHAI, April 11 Thu Apr 10, 2014 7:49pm EDT

SHANGHAI, April 11 (Reuters) - China will ease restrictions on overseas investments and scrap the need for approval for deals below $1 billion starting from May, China's economic planner said in a statement.

Investments below $1 billion will need only to be registered from May 8, the National Development and Reform Commission (NDRC), China's top economic planner, said in new rules published on its website late on Thursday.

The relaxing of previous rules comes as Beijing pushes its companies to expand overseas and diversify its $4 trillion foreign exchange reserves investments. (Reporting by Lu Jianxin and Fayen Wong; Editing by Paul Tait)

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