According to a recent report published in the China Securities Journal, the City of Wenzhou, Zhejiang Province has become the first Chinese city to allow private citizens to invest in overseas projects. The report stated that the city had already unveiled a pilot project that allowed its citizens to invest up to US$200 million abroad annually. According to the pilot program, individuals who are over 18 years old and have registered their legal residence in the City of Wenzhou and have passports would be allowed to make direct overseas investments. Applicants are not be allowed to invest in countries that do not have diplomatic ties with the People's Republic of China.
Mr. Zhou Xiaoping, a local economic and foreign trade affairs, said that the pilot program is aimed at creating a regulated overseas investment channel for individuals, encouraging private investors to take part in international commercial cooperation and liberalizing the city's economy.
Chinese citizens are currently only allowed to exchange a maximum of US$50,000 worth of foreign currencies annually. A recent news report indicated that Chinese government is ready to loosen its foreign exchange policy and allows private citizens to buy a maximum of US$20o,000 worth of foreign currencies. If the policy becomes effect, more Chinese citizens will be interested in investing in foreign countries.
About The Author
Brian Su is the founder and CEO/President of Artisan Business Group, Inc., president of the EB-5 China Market Council, and founder and managing director of the China Specialists Alliance. He is also a member of the Association to the Investment in the USA. Mr. Su has extensive experience in international trade, business development, marketing management, and strategic planning. Prior to founding Artisan Business Group, Mr. Su served Illinois governor Jim Edgar and assisted him in his trade mission to China in 1996 and helped him host a number of Chinese government and trade delegations.
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