Chinese companies will face fines of up to 1 million yuan (US$146,000) if they undertake contracts abroad without official approval, under a new regulation issued on Monday.
The regulation from the State Council, the Cabinet, signed by Premier Wen Jiabao sets out fines for firms that fail to obtain international contractor qualifications. Besides safeguarding China's national interests and protecting the legitimate rights of the employees sent abroad, China's international contractors should also comply with the laws in the host nations or regions, says the regulation.
Source: CRIEnglish