Measures for the Supervision and Administration of Outbound Investments Made by Central Enterprises
Measures for the Supervision and Administration of Outbound Investments Made by Central Enterprises
Measures for the Supervision and Administration of Outbound Investments Made by Central Enterprises
Order of the State-owned Asset Supervision and Administration Commission of the State Council No.35
January 7, 2017
The Measures for the Supervision and Administration of Outbound Investments Made by Central Enterprises, which were deliberated and adopted at the chairman's executive meeting of the State-owned Asset Supervision and Administration Commission of the State Council, are hereby promulgated and shall take effect as of the date of promulgation. The Interim Measures for the Supervision and Administration of Overseas Investments by Central Enterprises (Guo Zi Wei Ling No.28) issued in 2012 shall be repealed simultaneously.
Xiao Yaqing, Chairman of the State-owned Asset Supervision and Administration Commission of the State Council
Measures for the Supervision and Administration of Outbound Investments Made by Central Enterprises
Chapter I General Provisions
Article 1 These Measures are formulated in accordance with the laws, regulations and documents including the Company Law of the People's Republic of China, the Enterprise State-owned Assets Law of the People's Republic of China, the Guiding Opinions on Deepening State-Owned Enterprise Reform (Zhong Fa [2015] No.22) and the Several Opinions on Reforming and Perfecting the State-owned Asset Management System (Guo Fa [2015] No.63), in order to strengthen the supervision and administration of outbound investments made by central enterprises and help central enterprises improve their capabilities of international operation.
Article 2 For the purpose of these Measures, "central enterprises" refer to the state funded enterprises for which the State-owned Asset Supervision and Administration Commission of the State Council ("SASAC") performs the duties of the contributor on behalf of the State Council; "outbound investments" refer to the fixed-assets investments and equity investments made by central enterprises outside the territory of the People's Republic of China; "a major outbound investment project" refers to the outbound investment project of a central enterprise as decided by its board of directors upon discussion in accordance with its articles of association as well as policies and provisions on investment management; and "main business" refers to the main lines of business of a central enterprise as determined in accordance with the development strategy and planning of the central enterprise and published upon confirmation by the SASAC; and "other business" refers to the lines of business other than the main business.
Article 3 The SASAC shall, under the principle of strengthening regulation mainly for the purpose of managing capital and with focuses on grasping the investment direction, optimizing the capital layout, rigorously enforcing the decision-making procedures, regulating capital operations, increasing returns on capital and maintaining the safety of capital, establish a supervision and administration system for outbound investments by central enterprises featuring information symmetry, appropriate responsibilities and powers, standard operation and effective risk control according to the law so as to facilitate the more intensified whole-process regulation of outbound investment behaviors in all respects by central enterprises.
Article 4 The SASAC instructs central enterprises to establish and improve a policy on outbound investment management to enhance the leading role of their strategies and planning, specify their investment decision-making procedures, regulate their overseas operating activities, strengthen their control of overseas risks and promote innovations in the "going-global" models, develop a negative list of outbound investment projects for central enterprises to carry out classified regulation of outbound investment projects made by central enterprises, supervise and inspect the execution of policies on outbound investment management as well as the decision-making and implementation of major outbound investment projects by central enterprises, organize and conduct post-project evaluation of major outbound investment projects, and investigate the liability for any loss of state-owned assets and other serious adverse effect arising from any unlawful outbound investment.
Article 5 Central enterprises are the entities to make decisions, implement and take responsibilities for outbound investment projects. They shall establish a system for outbound investment management, improve their policies on outbound investment management, develop their plans for outbound investments reasonably, compile a negative list of outbound investment projects upon research, effectively enhance the management of overseas projects, improve the capability of prevention and control of outbound investment risks, organize and conduct overseas inspections and audits, and investigate liability according to responsibilities.
Article 6 When making an outbound investment, central enterprised shall comply with the following principles:
1.
......
Order of the State-owned Asset Supervision and Administration Commission of the State Council No.35
January 7, 2017
The Measures for the Supervision and Administration of Outbound Investments Made by Central Enterprises, which were deliberated and adopted at the chairman's executive meeting of the State-owned Asset Supervision and Administration Commission of the State Council, are hereby promulgated and shall take effect as of the date of promulgation. The Interim Measures for the Supervision and Administration of Overseas Investments by Central Enterprises (Guo Zi Wei Ling No.28) issued in 2012 shall be repealed simultaneously.
Xiao Yaqing, Chairman of the State-owned Asset Supervision and Administration Commission of the State Council
Measures for the Supervision and Administration of Outbound Investments Made by Central Enterprises
Chapter I General Provisions
Article 1 These Measures are formulated in accordance with the laws, regulations and documents including the Company Law of the People's Republic of China, the Enterprise State-owned Assets Law of the People's Republic of China, the Guiding Opinions on Deepening State-Owned Enterprise Reform (Zhong Fa [2015] No.22) and the Several Opinions on Reforming and Perfecting the State-owned Asset Management System (Guo Fa [2015] No.63), in order to strengthen the supervision and administration of outbound investments made by central enterprises and help central enterprises improve their capabilities of international operation.
Article 2 For the purpose of these Measures, "central enterprises" refer to the state funded enterprises for which the State-owned Asset Supervision and Administration Commission of the State Council ("SASAC") performs the duties of the contributor on behalf of the State Council; "outbound investments" refer to the fixed-assets investments and equity investments made by central enterprises outside the territory of the People's Republic of China; "a major outbound investment project" refers to the outbound investment project of a central enterprise as decided by its board of directors upon discussion in accordance with its articles of association as well as policies and provisions on investment management; and "main business" refers to the main lines of business of a central enterprise as determined in accordance with the development strategy and planning of the central enterprise and published upon confirmation by the SASAC; and "other business" refers to the lines of business other than the main business.
Article 3 The SASAC shall, under the principle of strengthening regulation mainly for the purpose of managing capital and with focuses on grasping the investment direction, optimizing the capital layout, rigorously enforcing the decision-making procedures, regulating capital operations, increasing returns on capital and maintaining the safety of capital, establish a supervision and administration system for outbound investments by central enterprises featuring information symmetry, appropriate responsibilities and powers, standard operation and effective risk control according to the law so as to facilitate the more intensified whole-process regulation of outbound investment behaviors in all respects by central enterprises.
Article 4 The SASAC instructs central enterprises to establish and improve a policy on outbound investment management to enhance the leading role of their strategies and planning, specify their investment decision-making procedures, regulate their overseas operating activities, strengthen their control of overseas risks and promote innovations in the "going-global" models, develop a negative list of outbound investment projects for central enterprises to carry out classified regulation of outbound investment projects made by central enterprises, supervise and inspect the execution of policies on outbound investment management as well as the decision-making and implementation of major outbound investment projects by central enterprises, organize and conduct post-project evaluation of major outbound investment projects, and investigate the liability for any loss of state-owned assets and other serious adverse effect arising from any unlawful outbound investment.
Article 5 Central enterprises are the entities to make decisions, implement and take responsibilities for outbound investment projects. They shall establish a system for outbound investment management, improve their policies on outbound investment management, develop their plans for outbound investments reasonably, compile a negative list of outbound investment projects upon research, effectively enhance the management of overseas projects, improve the capability of prevention and control of outbound investment risks, organize and conduct overseas inspections and audits, and investigate liability according to responsibilities.
Article 6 When making an outbound investment, central enterprised shall comply with the following principles:
1.
......