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Business / Wenzhou financial reform

Wenzhou allows individuals to invest abroad

(Agencies) Updated: 2011-01-10 15:45

China's eastern city of Wenzhou will allow individuals to make direct investments overseas as the government encourages capital outflows to ease pressure on inflation and currency appreciation, Bloomberg reported Monday.

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Citizens cannot exceed $3 million with any single investment abroad or spend more than a total $200 million each year, and may not invest in overseas financial companies, according to a notice on the Wenzhou Foreign Trade and Economic Cooperation Bureau's website posted on Jan 7.

Wenzhou, a city of about 8 million people in the coastal province of Zhejiang that borders Shanghai, had 32,595 yuan in per capita gross domestic product in 2009, about 30 percent more than the national average.

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