2011-01-25

Wenzhou overseas investment plan stopped

Wenzhou's Overseas Investment Trial Halted
The trial program kicked off two weeks ago, drawing much attention from the media. It was largely interpreted as a sign of loosened capital controls.

The State Administration of Foreign Exchange (SAFE) made phone calls to the Zhejiang provincial SAFE bureau and the Wenzhou municipal SAFE bureau, saying the trial was not approved by SAFE after media coverage, according to Outlook Oriental Weekly, owned by the state-run Xinhua News Agency.

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