Want to know how difficult it is to teach China foreign investment law? Less than two months ago I told my students about capital account restrictions and the influence of hot money and financial speculators on the approval process for cross-border capital flows.
That information is now out of date:
China will clear the way for foreign investors’ capital to flow in and out of the country more easily by waiving and simplifying regulations, the State Administration of Foreign Exchange, or SAFE, said on Wednesday.
Starting on Dec 17, foreign investors won’t need to get regulatory approval to open bank accounts, remit profits, and transfer money between different domestic accounts, it said.
And the limits on the number of foreign-currency accounts and the amount of money that can be transferred will also be loosened, it added.
Good news for some of my clients, but now I have to supplement my class lecture. The fun, it never ends.