China issues code of conduct for firms investing abroad
China issues code of conduct
Shanghai - Egypt Today
China has released a code of conduct for private companies investing abroad as it seeks to head off risky acquisitions, with state media reporting on Tuesday that a blacklist of violators was in the works.
The move by the country's top economic-planning agency appears to be the latest in a government campaign to prevent acquisitive Chinese firms from over-extending themselves with ill-advised deals abroad that could threaten financial stability at home.
The guidelines, released on Monday by the National Development and Reform Commission (NDRC), contain few hard and fast rules, but rather a collection of big-picture advice on operating overseas.
This includes staying within a company's financial constraints and core competencies, avoiding high-leverage financing, respecting local laws and customs, and adhering to socially and environmentally responsible operations.
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