China Codifies Crackdown on ‘Irrational’ Outbound Investment

China formally laid down new rules on overseas investments, making explicit its de facto campaign against “irrational” acquisitions of assets in industries ranging from real estate to hotels and entertainment.

The authorities set out three categories — banned, restricted and encouraged — outlawing investments in gambling and sex industries, while backing companies to support the nation’s ambitious “Belt and Road” initiative backed by President Xi Jinping, the State Council said in a statement Friday. Property, hotel, film, entertainment and sports investments will now be subject to restrictions, the statement said.

“Profound changes are taking place in international and domestic situations, and Chinese enterprises face not just relatively good opportunities but also various risks and challenges in overseas investments,” the State Council, China’s cabinet, said in the statement.

China has embarked on a drive to reduce leverage in financial markets and snuff out systemic risks ahead of a Communist Party leadership

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