On December 26, 2017, China’s National Development and Reform Commission issued new rules for overseas investment by Chinese companies. They took effect on March 1, 2018. Sensitive projects need state approval (核准). Non-sensitive projects that the company carries out directly need a filing (备案).
The company must hold the approval or the filing notice before the project is carried out. The rules define this as the point before the company puts in assets or rights, or provides financing or guarantees. According to a Chinese law firm, the earlier rules had required approval before the company signed final binding documents abroad.