Li backs firms’ global vision

China is to pilot the removal of preconditioned government approval for offshore corporate bonds, part of a national arrangement to lower the financing cost of enterprises expanding overseas.The move, along with the government’s efforts to speed up the growth of China-funded financial institutions and introduce more long-term export credit insurance, will make it easier for Chinese companies to get credit by mortgaging overseas assets, help them manage risks and hence facilitate the export of excess but advanced industrial capacity to countries in need of upgrading.

Zhao Zhenhua, an economist at the Party School of the CPC Central Committee, said the initiative to expand overseas is in line with the Belt and Road Initiative, and it can stabilize growth as the country further opens up.Zhao said he expects a detailed plan to help mitigate the excess capacity and boost overseas investment.

China daily

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