China to use forex reserves to help firms broaden reach

07/22/2009 | Financial Times (tiered subscription model)

Wen Jiabao, China's premier, said Beijing will deploy its massive foreign exchange reserves to help domestic companies expand overseas and make acquisitions. "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," Wen said. "Going out" refers to a strategy of encouraging foreign investment and acquisitions by state-owned companies and other Chinese firms.

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