China's Ministry of Commerce (MOC) Friday denied media reports that claimed China might simplify and ease the foreign exchange registration procedures for foreign investment in real estate.

The Beijing-based China Times reported June 21 that the MOC had submitted a proposal to the State Council (Cabinet) listing 42 rules covering taxation, foreign exchange and regulatory supervision and advocated easier approval for foreign investment, especially in the real estate sector.

The MOC said the report was gravely untrue. It stressed that "there is no such proposal to simplify and relax foreign exchange registration procedures."

The ministry would encourage foreign companies to invest in sectors that would help optimize the country's industrial structure and boost coordinated regional economic development.

Source: Xinhua