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Provinces given right to approve foreign-funded commercial firms

(Xinhua)
Updated: 2008-09-13 16:56

Starting Friday, provincial departments of commerce in China have the right approve most foreign-funded commercial enterprises.

The move aims to further simplify procedures for the approval of foreign investment, an official of the Ministry of Commerce (MOC) said.

According to a MOC circular, once the applications of foreign-funded companies are approved, they must be submitted timely to the ministry for record.

According to the circular, applications of foreign companies that sell products through the means of television, telephone, mail order, Internet and automat, or those that engage in the wholesale of audio-visual products and the sale of books, newspapers and magazines would still be subject to examination and approval by the ministry.