Be bold in expanding overseas, firms told

Chinese enterprises should "become bold" in acquiring stakes in overseas enterprises, especially in the energy and resources sectors, a senior policy advisor has said.

Zheng Xinli, vice-director of the Policy Research Office of the CPC Central Committee, suggested that the government use its $2-trillion foreign exchange reserves to encourage overseas mergers and acquisitions (M&As), especially in sectors of strategic importance.

Economists said the policy advisor's comments, published in yesterday's People's Daily, are "very likely to become national policy".