China reiterates no restrictions on foreign firms' profit transfers

An employee at a bank counter in Nantong, Jiangsu province, counts renminbi and dollars. [Photo/China Daily]

BEIJING - A senior foreign exchange official has reiterated that there are no restrictions on foreign firms' cross-border profit transfers.

Authorities will maintain the continuity and consistency of its forex policies, said Pan Gongsheng, head of the State Administration of Foreign Exchange (SAFE), when meeting Joerg Wuttke, president of the EU Chamber of Commerce in China.

China will also make foreign trade and investment more convenient and support Chinese companies' outbound investment as long as it's authentic and compliant, Pan said, as quoted by a SAFE statement released Tuesday.

With its economy growing 6.7 percent in 2016, China has the conditions to ensure balance of international payment, Pan said.

He promised that China will create an easy and ordered environment for investment and a more transparent and regulated market.

Weighed on by a weak Chinese yuan against the US dollar, regulators have moved to crack down on illegal cross-border capital flow in the past few months, while reiterating that normal business will not be affected and foreign investment is still welcome.