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Finance: China tracks foreign loans

(Shanghai Daily)
Updated: 2006-10-27 14:12

China has issued draft rules to tighten oversight of borrowing from foreign governments as part of bids to curb mounting capital inflows without damping the nation's economic growth.

Any domestic project involving loans from foreign governments must gain approval from the National Development & Reform Commission and the Ministry of Finance after receiving permission from local governments, the top economic planner said on its Website.

The rules, effective from November 9, will also grant the NDRC the power to assign loan quotas and set a one-year deadline for project managers to obtain permission for the foreign debt from state agencies.

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