China’s commerce ministry will support private firms looking to invest in international markets, the South China Morning Post reports. The move suggests that the government is softening its stance on outbound investment after forcing several high-profile firms to rein in overseas spending.
“We will guide private businesses to venture abroad in an orderly manner and to take part in the ‘Belt and Road Initiative’,” Minister of Commerce Zhong Shan told the People’s Daily.
Zhong added that the ministry hopes companies such as Huawei and Geely can become “renowned international brands.”
Under Beijing’s guidance, outbound investment will be channelled towards “economic and trade development zones” – free-trade and industrial centres established by China in a number of regional markets including Russia, Pakistan and Cambodia, said Zhong.