(Yicai Global) Sept. 14 -- China’s National Development and Reform Commission is working with its Ministry of Commerce and other relevant departments to establish a system for blacklisting overseas investment enterprises, and they will likely issue details next month, China Daily reported Sept. 12.
No companies are on the blacklist, an NDRC official said. Authorities are setting up the enterprise blacklist to facilitate interdepartmental punishments, and companies that are blacklisted in the future will not be completely barred from doing business overseas, the official said.
Specific standards and disciplinary measures are expected to be released next month, the official said.
The powers that be put out documents regulating the direction of foreign investment last month, claiming that China will establish an overseas investment blacklist system to punish illegal investments. The documents list real estate, hotels, entertainment, sports and other investments as restricted overseas investments.
Restricted does not mean disallowed, but rather that the relevant department will audit the domain in the process of overseas investment.
Authorities have prohibited overseas investments in the export of core technologies and products of military industries that the state did not approve; technologies, handicrafts and products that China prohibited the export of; gambling and pornography; and areas China prohibited under international treaties it concluded or acceded to and others that may endanger national interests and security.Keywords: overseas investment, Blacklist System