MOFCOM Streamlines Regulatory Approvals For Outbound Investments

The Ministry of Commerce ("MOFCOM") of the People's Republic of China ("PRC" or "China") promulgated the Rules for the Administration of Outbound Investments（境外投资管理办法, the "New Outbound Rules"）on March 16, 2009.

The New Outbound Rules will take effect from May 1, 2009, replacing two existing MOFCOM regulations in this area ("Existing Outbound Rules"), namely the Rules on Approval Matters Regarding Outbound Investments (关于境外投资开办企业核准事项的规定), which became effective on October 1, 2004, and the Rules on Approval Matters Regarding Investments made by Mainland Enterprises in the Hong Kong and Macao Special Administrative Regions (关于内地企业赴香港、澳门特别行政区投资开办企业核准事项的规定), which became effective on August 31, 2004.