In China companies will be blacklisted for violating overseas investment rules

Almaty. November 30. Silkroadnews - In China companies will be blacklisted for violating overseas investment rules, People’s Daily reported.
“Enterprises violating overseas investment rules will be blacklisted and face 39 penalties imposed by the nation's top regulators as China takes further steps to curb irrational and unauthentic offshore investment moves,” the report said.
The top economic regulator of China published detailed terms for punishing discreditable companies, noting that, as it turned out, they participate in illegal outbound investments or in making profits through short sales of the renminbi.
It is explained that some companies, using money borrowed from domestic banks, buy various assets in foreign countries, such as hotels and soccer clubs, some of which may have been part of illegal money laundering operations.
Companies that were involved in such transactions would not be allowed to purchase foreign currency or make outbound investments. In companies on the black list government regulators will conduct a thorough analysis of domestic investment activities.
With this the companies on the black list will not be deprived of their right to overseas investments once and for all, they will have the opportunity to file an application, provide the necessary documents and evidence and obtain permission for overseas investment in the future.