With many Chinese foreign acquisitions coming under scrutiny due to bureaucratic obstacles to overseas investment, Shanghai’s Free Trade Zone (FTZ) may provide the perfect launchpad for Chinese money to venture abroad, South China Morning Post reported, citing Shanghai Joint Free Trade Area Development. The FTZ expects to have more than 100 mainland companies in the zone make a total of RMB14.42 billion to RMB24.57 billion (US$3 billion to US$4 billion) of overseas investments by the end of this year, said Willis Weng Wei, managing director of the Shanghai Joint FTA Development. Deals of less than RMB1.842 billion are approved within five working days, while loans to finance overseas investments are offered with lower financing costs.
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