RTTNews - In a bid to support Chinese companies to expand their operations abroad and to facilitate acquisitions by them, Beijing will use its foreign exchange reserves, the Financial Times reported Tuesday, citing comments made by Premier Wen Jiabao.
Speaking to Chinese diplomats late on Monday, Wen said, We should hasten the implementation of our 'going out' strategy and combine the utilization of foreign exchange reserves with the 'going out' of our enterprises, the FT quoted.
The going out strategy is a slogan for encouraging investment and acquisitions abroad, particularly by big state-owned industrial groups, the FT said.
China is the world's largest foreign exchange reserve holder. In June, forex reserves crossed $ 2 billion to a record $2.13 trillion.
Moreover, Wen urged Chinese companies to raise their contribution to global exports.
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