Over the past decade, China has implemented a national strategy that encourages Chinese companies to "go global". This strategy was reiterated in the country's official 12th Five-year Plan (2011-2015), which was endorsed by China's top legislature in March 2011. Notwithstanding this policy, for a long time, Chinese government approvals necessary for outbound investments have been one of the main challenges for Chinese investors in executing outbound transactions due to the lengthy timeframe (often 3-5 months) involved in obtaining these approvals and the significant uncertainty resulting from such approval process which most foreign counterparties would seldom be willing to accept, in particular where Chinese investors are competing for high quality assets in active markets.
To provide impetus for the government's drive to step up the implementation of its go-global strategy and in response to the Investment Project Approval Catalogue (2013 version) released by the State Council on 2 December 2013 to simplify the approval regime for investment projects...
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