Li backs firms' global vision
China is to pilot the removal of preconditioned government approval for offshore corporate bonds, part of a national arrangement to lower the financing cost of enterprises expanding overseas.
The move, along with the government's efforts to speed up the growth of China-funded financial institutions and introduce more long-term export credit insurance, will make it easier for Chinese companies to get credit by mortgaging overseas assets, help them manage risks and hence facilitate the export of excess but advanced industrial capacity to countries in need of upgrading.
The decisions, among other policies to advocate domestic companies exporting industrial capacity such as steel, cement and railway manufacturing, were made at a meeting chaired by Premier Li Keqiang on Friday, after Li listened to complaints from corporate leaders of rail and nuclear power companies.
