China pilots simplified approvals for overseas investment

China has started a pilot program to shorten approval procedures of foreign investment, the Ministry of Commerce said on Friday.

The pilot, set to start on Wednesday and ending on August 31, will reduce the approval time and require fewer application materials, according to an online statement released by the ministry.

All investment projects from foreign enterprises, except those in direct selling, will be included.

The move aims to encourage overseas investment as the growth pace slows in the world's second-largest economy.

China has implemented an array of reform measures, including simplifying administrative procedures and relaxing market access, to make the market more dynamic against the economic slowdown.

In 2013, foreign direct investment in the Chinese mainland increased 5.25 percent year on year to reach 117.59 billion U.S. dollars, data from the ministry said.