Finance: China tracks foreign loans
(Shanghai Daily)
Updated: 2006-10-27 14:12 China has issued draft
rules to tighten oversight of borrowing from foreign governments as part of bids
to curb mounting capital inflows without damping the nation's economic growth.
Any domestic project involving loans from foreign governments must gain
approval from the National Development & Reform Commission and the Ministry
of Finance after receiving permission from local governments, the top economic
planner said on its Website.
The rules, effective from November 9, will also grant the NDRC the power to
assign loan quotas and set a one-year deadline for project managers to obtain
permission for the foreign debt from state agencies. (For more biz stories, please visit Industry Updates)
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