China pledges to help private firms invest abroad

BEIJING -- China on Tuesday pledged to help private companies invest abroad while guiding and regulating their investment activities.

The country will strengthen macro guidance on private companies' overseas investment and help them invest in a step-by-step and focused manner, according to a statement jointly issued by 13 central government departments, including the Ministry of Commerce and the People's Bank of China.

The nation will increase financial support to private companies and simplify customs clearance procedures, the statement said.

Private companies which have invested abroad are asked to abide by local laws and regulations, respect local social customs, protect the interests of their employees, fulfill social responsibility, according to the statement.

These companies are also encouraged to strengthen coordination and cooperation among each other to prevent disorderly and "malignant" competition.

The statement asked relevant departments to make full use of multilateral high-level exchanges and consultation mechanisms as well as trade pacts to create a favorable and stable overseas investment environment for private companies.