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ECONOMY

China Says Foreign Firms Need Not Fear Capital Controls

By Dong Tongjian

(Beijing) — China is trying to allay concerns voiced by firms and investors who fear Beijing’s yearlong effort to contain capital outflows might be affecting regular transfers of funds abroad.

Measures adopted to control the capital drain are targeting short-term speculators and will not affect cross-border fund transfers by foreign companies legally operating in China, Wang Shouwen, the deputy minister of Ministry of Commerce, said Friday at a media briefing sponsored by the State Council, China’s cabinet.

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