China's Ministry of Commerce says it plans to issue new policies to regulate the management of domestic enterprises investing overseas. The move will provide more convenient services for such companies. It also aims to promote more overseas investment in a bid to maintain steady economic growth.

The spokesman for the Ministry of Commerce, Yao Jian, said on Monday that under the new policies, the ministry will grant provincial-level authorities approval rights for 85 percent of the overseas projects. It will also simplify application procedures. Companies will now get their approval certifications within three working days after submitting just one application form.

Yao Jian says other measures will include strengthening guidance services and standardizing the conduct for the management of companies.

Yao Jian, Spokesman of Ministry of Commerce said "Under the current situation, enlarging overseas investment plays a crucial role in boosting China's economic growth. The new measures are just aimed to further reform management mechanisms of overseas investment and encourage more companies investing abroad."

The ministry's figures show that in 2008, overseas direct investment by Chinese companies reached over 52 billion US dollars, nearly doubling the figure a year earlier.

Yao Jian says the ministry will make adjustments to the policies in accordance with the changing situation. But he points out that both global and domestic efforts are necessary to boost foreign trade.

Yao Jian said "Countries around the world should first enhance cooperation. This is crucial for boosting global demands and creating a sound trade environment. In addition, we will also take measures to support exporters' financing capability and enlarge their credit insurance."

And to demonstrate its determination to increase trade cooperation, Yao Jian says the ministry will send some other business delegations abroad this year.

(CCTV March 17, 2009)