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Chinese companies investing overseas need not deposit a guarantee amount on the mainland, according to a circular released by the State Administration of Foreign Exchange (SAFE), China's foreign exchange watchdog.

And those who have done so have to withdraw the amount, together with interest, before April next year.

Investors reclaiming such deposits should submit their business licences while companies which have undergone a shift in ownership should produce relevant documents justifying the change.

The payment will only be made to parties currently enjoying the rights and benefits of outbound investments; bankrupt companies, for example, will not be eligible for refunds, SAFE said.

Failure to claim the deposit by the April deadline would be considered voluntary renunciation.

The new policies come as a big relief to investors.

"The move is expected to encourage more Chinese investors to go abroad and tackle the increasingly-fierce international competition," SAFE commented.

The elimination of deposits would reduce costs of Chinese investment in foreign countries and will help them develop their business overseas, experts said.

Under old rules, domestic investors had to deposit in the mainland 5 per cent of their cash investment abroad or 25 per cent of the value of equipment used as investment; and violators were subject to fines of up to 100,000 yuan (US$12,091).

The new policies are part of China's series of efforts to reform foreign-exchange administration.

In 2002, restrictions on the volume of foreign exchange that could be purchased for overseas investment were eased; as were those on loans in foreign exchange in Shanghai and the provinces of Jiangsu, Zhejiang, Shandong and Fujian.

Also reformed was the risk evaluation system for foreign exchange to be invested abroad and the procedures to apply for foreign currencies.

Chinese companies are increasingly turning towards overseas investment to buoy their performances.

Shanghai Auto Industry Corporation (SAIC), for instance, participated in the purchase of Korea's Daewoo Motor Corporation; and Shanghai Baosteel Group Corporation launched an overseas branch in Brazil last year.

According to experts, China's reforms on foreign exchange will gradually help expand overseas investment, diversify investment destinations, and optimize investment scope.

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