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Public opinion gauged on investment project procedures

Updated: Jun 15,2015 11:56 AM

China’s top economic planner has begun to solicit public opinion on draft regulations concerning enterprises’ investment projects which require verification and approval and must be filed with the government.

According to the regulations, drafted by the National Development and Reform Commission, enterprises should submit files to record their investment projects with the government.

But projects that involve national and ecological security, strategic resource exploitation and matters of major public interest are not included.

Companies should independently make decisions for market prospects, economic benefits, source of funds and technical proposals of investment projects, and be responsible for any possible risks, the regulations said.

They are also required to finish procedures in terms of urban planning, land use, environmental protection and work safety according to the law.

Authorities that are responsible for verification and approval as well as record-filing should not unlawfully intervene in the enterprises’ decision-making on investment.

The record-filing applications can be submitted via online platforms and authorities should put the investment projects on record within five working days.

Follow-up filing of records will be applied to overseas investment projects except those that involve sensitive countries, regions and industries.

Enterprises that violate the above-mentioned or other regulations, such as providing false information, starting construction arbitrarily and failing to pass the acceptance inspection after completion, will be listed in credit records.

The records, divided into general and grave categories, will be included in the national unified credit information exchange platform, as an important element of the companies’ record files.

Enterprises that have several anomalies in their credit records or one instance where they did not rectify it, may be included in a blacklist by the authorities and made known to the public.