China will loosen its limits on businesses' overseas investments, the Economic Information Daily reported Wednesday. The newspaper cited an official with the National Development and Reform Commission (NDRC), the country's top economic planning body.

Beginning in March, resource-related overseas investments below $300 million will not need approval from the NDRC. Kong Linglong, the head of the NDRC's department of foreign capital and overseas investment, said the commission will also exempt non resource-related overseas investments which are less than $100 million, according to the report.

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The NDRC also considered setting up platforms to help enterprises solve problems they may encounter when investing abroad. Kong said those solutions may include forming a communication mechanism among customs, commodity inspection and commercial trade departments.

Meanwhile, the NDRC is working with the Ministry of Commerce to form a law encouraging Chinese enterprises to investment overseas, Kong told the newspaper. Officials are currently working on drafting a proposal.

Analysts said the government may formulate a regulation to promote outbound investments before issuing the law, according to the report.