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Shanghai plans to allow citizens to invest directly overseas
Last Updated(Beijing Time):2011-05-23 15:51

Shanghai has submitted a proposal to the State Council, China's Cabinet, aimed at allowing its citizens to make direct investments overseas, but haven't gotten an official reply, the Xinhua News Agency reported Monday.

Xu Quan, vice director of Shanghai Finance Office, said the proposal targeted non-financial investments using foreign currencies, including immigration and property investments, according to Xinhua. 

"It will provide convenience to citizens because current policy on investing overseas requires the investor set up a company first," Xu said. "It will be a policy breakthrough for the building of the (Shanghai) financial center," he added. 

Early this year, Wenzhou, in Zhejiang province, became the first Chinese city to unveil a plan on allowing individuals to make direct investments overseas. But the proposal is yet to be approved by the government. 
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