November 28, 2017 / 7:38 AM / a year ago

China looks to set up system to prevent irregular overseas investments

BEIJING, Nov 28 (Reuters) - China’s state planner issued guidelines on Tuesday for the establishment of a system to track overseas investments with the aim of preventing tax fraud, money laundering and illegal financing.

In a statement on its website, the National Development and Reform Commission (NDRC) warned that firms involved in irregular overseas investments will be punished.

Authorities will not approve overseas investments and foreign exchange purchases by companies with a record of serious irregularities, the NDRC said.

Firms with serious breaches will also be restricted from acquiring land supplied by the Chinese government, the NDRC added. (Reporting by Beijing Monitoring Desk; Editing by Shri Navaratnam)

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