Development and Reform Commission: the implementation of the filing system for overseas investment projects of less than US$1 billion
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The National Development and Reform Commission said that the promulgation of this "Measures" is an amendment to the "Interim Administrative Measures for the Approval of Overseas Investment Projects" issued by the National Development and Reform Commission in 2004. The changes are mainly reflected in three aspects.
First, the approval authority for overseas investment projects has been greatly improved, and the scope of approval has been narrowed. It is stipulated that all projects with a minimum investment of less than US$1 billion will be filed and more than US$1 billion will be approved.
The second is to simplify the process and define the time limit. It is stipulated that for projects approved by the NDRC, local enterprises may not report to the county, city or province level, but only through the provincial development and reform department to report to the National Development and Reform Commission. The time limit for the NDRC to approve the project is 20 working days, such as If the application materials do not meet the requirements, the NDRC must inform the project application unit to make corrections within one working day within 5 working days.
The third is to clarify legal responsibilities and strengthen administrative accountability. The "Measures" stipulate that if the staff of the National Development and Reform Commission violates the prescribed procedures and conditions for handling approval, filing, etc., if they have abused their powers or neglected their duties, they shall pursue the responsibility of the responsible person according to law.
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