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Beijing to encourage foreign firms to list in China

(Agencies)
Updated: 2009-07-02 14:02

BEIJING: China will encourage foreign-funded firms to make share offerings in China, a senior Ministry of Commerce official said on Thursday during a wide-ranging briefing where he also flagged that annual declines in exports and imports began to improve in June.

China has talked for at least a decade about allowing foreign firms to list shares domestically, but has made little progress on the initiative.

Related readings:  China OKs first major IPO in 10 months - source  IPO lure draws elusive investors back to bourses  Chinese shares down 0.67% on trade data, IPO shift  Outbound investment unlikely to outstrip FDI  China denies easier rules for foreign investment in real estate

"We will continue to work with other departments on policies regarding domestic IPOs of foreign firms to actively guide high-quality foreign firms to make IPOs in China," Chen Jian, a vice-commerce minister, told reporters.

HSBC, Europe's largest bank, could be in the running to be the first to list.

The bank, with a Shanghai branch office that opened some 150 years ago, has gained a lot of goodwill for promising not to sell its strategic investment in Bank of Communications while other foreign banks rushed to the exits.

Chen said Beijing was also looking at ways to encourage inflows of foreign direct investment.

"In order to boost investor confidence and expand the inflow of foreign investment, the Ministry of Commerce is working with other departments to develop measures to stabilise FDI inflows," Chen told a news conference.

Annual foreign direct investment (FDI) inflows have more than doubled in the past 10 years, especially since China joined the World Trade Organization in 2001.

Last year, FDI surged to $92.4 billion from $74.8 billion so far in 2009, however, monthly inflows have dropped from year ago levels, due to the financial crisis.

China is facing the first "comprehensive fall" in FDI since the Asia Financial crisis in 1998, said Chen.

Beijing was looking in particular at foreign investments that could help China's economic upgrading, create jobs and improve the environment, he said.

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