China strengthens supervision of SOE overseas investments
BEIJING, Aug. 2 (Xinhua) -- China has stepped up financial management of overseas investments made by state-owned enterprises (SOEs) in efforts to improve returns and control risks, the Ministry of Finance said Wednesday.
A guideline that took effect Tuesday will standardize the financial management of SOEs throughout the investment process, and tackle key issues including poor project feasibility and lack of risk management, the ministry said in an online statement.
Specifically, the guideline clarified the financial management responsibilities of these types of investments, asking SOEs to assign a specific person from top management to be in charge.
Also, the guideline requires SOEs to specify rules on feasibility and financial due diligence, making sure projects are financially viable before decisions are made.
The guideline applies to both central and local SOEs. Financial SOEs will follow separate rules to be released later.
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