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China to curb foreign investment by state-owned firms
Transport PS Irungu Nyakera with China Road and Bridge Corporation chairman Wen Gang at a past event. The Chinese government will however seek to encourage SOE overseas investment in sectors including high-speed rail, roads, telecommunications, and nuclear power. FILE PHOTO | EVANS HABIL
China said it will ban or closely monitor overseas investments by state-owned firms in certain sectors, the latest move in a government fight to stem capital flight and what it has called "irrational" spending abroad.
The state-assets watchdog, which manages the country's 102 state-owned giants, plans to draw up a list of sectors that will either be off-limits to investment by SOEs or under strict supervision, according to a government statement Wednesday.
