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Premier Li's talked about Chinese buying homes overseas
Brief:The Chinese government will also encourage Chinese companies and Chinese nationals to go overseas, to make investment, and do business. In doing so, these Chinese companies and Chinese nationals need to abide by China's relevant laws and regulations and also observe the local laws.
Li Keqiang
 
Q: I am with The Financial Times. Last year, China's real estate market has been on the decline. This has prompted a large number of Chinese nationals to start buying homes overseas.

Currently, Chinese customers have become the largest group of homebuyers in New York, Sydney and London and this has significantly driven up the local home prices. Hence some people have called into question the legitimacy of the money spent on buying these homes overseas from China.

Are you concerned about the possible backlash to such massive home buying by Chinese overseas? And will the Chinese government introduce new policy measures to boost the domestic real estate market this year?

A: China is advancing the full convertibility of renminbi under the capital account. It shows that China is taking further steps to open up the capital market. You talked about the phenomenon of large number of Chinese buying homes overseas and said that they have become the largest home buyers in a number of key international metropolises.

I suppose that more evaluations need to be done here as to whether that is true. And as far as I'm concerned, I am not in possession of solid information about this. But what I know is that China is still the largest destination of the inflow of foreign direct investment and the number now stands at $120 billion.

As the same time, the Chinese government will also encourage Chinese companies and Chinese nationals to go overseas, to make investment, and do business. In doing so, these Chinese companies and Chinese nationals need to abide by China's relevant laws and regulations and also observe the local laws.
 
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