As of July 1, the State Administration of Foreign Exchange (SAFE) eliminated restrictions on purchasing foreign exchange for overseas investment, facilitating Chinese companies to invest in other countries. SAFE has adopted other measures to simplify procedures for overseas investment. China Development Bank also strengthened financial support to overseas investment projects.
Many Chinese companies sped up overseas acquisitions and signed overseas contracts, including China Mobile, China National Offshore Oil, PetroChina and Sinopec. By September 2006, over 9,600 Chinese-funded enterprises had been established in more than 160 countries or regions with total investment surpassing $55 billion.