China to up financial support for companies 'go global'

BEIJING -- The government will increase financial support for Chinese companies investing and operating overseas, or "going global", an official statement showed Wednesday.

Better financing can make more use of excess production capacity and promote cooperation with foreign companies, according to a statement released after a State Council executive meeting presided over by Premier Li Keqiang.

"The move will raise the international competitiveness of Chinese products, especially equipment, boost structural upgrades of foreign trade and push manufacturing and financial sectors to a medium-high level," the document said.

Approval for overseas investment should be made easier to obtain, including the procedures for listing, mergers and acquisitions overseas and for banks setting up overseas branches.

China will ensure financing support for exports of large equipment, encouraging commercial bank to finance for the whole industrial chain of equipment manufacture and promote use of foreign exchange reserves.

Policies concerning the cross-border payment and clearing of the yuan and export credit insurance should be improved.

Overseas direct investment by non-financial companies rose 11.9 percent to reach $89.8 billion in the first 11 months of this year, data from China's Ministry of Commerce showed.

The country should make efficient use of fiscal funds to bring tangible benefits to the public, according to the statement.

The meeting also discussed measures to improve the lives of the disabled.