China steps up checks on capital inflow

China's top economic planner has announced much more stringent checks on foreign direct investment, to curb illicit inflows of speculative "hot money".

The National Development and Reform Commission has ordered local branches to implement existing regulations. And this means large foreign investments now need approval from the central agency, and not just from local authorities. This latest move from the NDRC follows recent action taken by the Foreign Exchange Regulator, to strengthen monitoring of export revenues.

This requires that such funds are transferred to temporary accounts, so that officials can verify that they are the result of actual trade transactions.

Wang Qishan urges to promote economic cooperation

Vice Premier Wang Qishan is urging commercial institutions dispatched overseas, to promote economic cooperation between their home country and their countries of residence.

The Vice Premier was speaking on Friday in Beijing to representatives from institutions in Vietnam, Saudi Arabia, Tanzania, Brazil, the United States and the European Union. He asked them to seize opportunities provided by the global economy, to tackle challenges that they must face.

Wang Qishan also had high praise for what they had achieved, while calling for more concerted efforts to boost bilateral trade and investment.