|
Announcement of the State Administration of Foreign Exchange
[2003] No.1 April 15, 2003
According to the Decisions of the State Council
on Canceling the First Batch of Administration Examination and Approval
Projects (GuoFa [2002] No.24) and the Decisions of the State Council on
Canceling the Second Batch of Administration Examination and Approval
Projects and Altering the Administrative Methods for Some Administration
Examination and Approval Projects (GuoFa [2003]
No.5), the State Administration of Foreign Exchange has cancelled 26 items
to be administratively approved.
The relative issues after these items are
cancelled for administrative approvals are hereby announced as follows:
I. The "examination and approval of opening,
altering and canceling accounts for foreign exchange loans in China" is
canceled The administration on the specific domestic accounts for foreign
exchange loans shall be in accordance with Article 4 of the Circular of the
State Administration of Foreign Exchange on Reforming the Methods of
Administration of Foreign Exchange in Domestic Foreign Exchange Loans (HuiFa
[2002] No.125) promulgated by the State Administration of Foreign Exchange
on December 6, 2002.
II. The "examination and approval of opening,
altering and canceling accounts for B-share guarantee funds (hereinafter
referred to as "B-share transaction settlement fund account") that opened at
foreign-invested banks in China by securities companies" is canceled When
securities companies open or alter B-share transaction settlement fund
accounts, Article 3 of Circular of the State Administration of Foreign
Exchange on the Transitional Policy and Measures after Canceling
Administrative Examination and Approval of Foreign Exchange Administration
of Some Capital Projects (HuiFa [2003] No.50) promulgated by the State
Administration of Foreign Exchange on April 1, 2003 shall be implemented.
III. Four items including "examination and approval of the
conditions of Chinese organizations for long-and-medium-term loans
in China", "examination and approval of the financial conditions of
Chinese organizations for financing and leasing in China",
"examination and approval of the time selection and financing
conditions for issuing debts abroad" and "examination and approval
of the financial conditions for project financing " are canceledIf
Chinese organizations (including designated banks of foreign
exchange) borrow long-and-medium-term loans, issue
long-and-medium-term foreign currency bonds or perform financial
leasing and financing, the provisions in Article 1 of the Circular
of the State Administration of Foreign Exchange on the Transitional
Policy and Measures after Canceling Administrative Examination and
Approval of Foreign Exchange Administration of Some Capital Projects
(HuiFa [2003] No.50) promulgated by the State Administration of
Foreign Exchange on April 1, 2003 shall be implemented.
IV. The "examination and approval of large-amount financing for
overseas branches of Sino-capital financial organizations" is
canceledWhen the overseas branches of Sino-capital financial
organization in China raise large amount of funds, the provisions in
Article 2 of the Circular of the State Administration of Foreign
Exchange on the Transitional Policy and Measures after Canceling
Administrative Examination and Approval of Foreign Exchange
Administration of Some Capital Projects (HuiFa [2003] No.50)
promulgated by the State Administration of Foreign Exchange on April
1, 2003 shall be implemented.
V. The "audit of the foreign exchange risks in overseas investments
by domestic organizations" is canceledAccording to the provisions in
Article 4 of the Circular of the State Administration of Foreign
Exchange on the Transitional Policy and Measures after Canceling
Administrative Examination and Approval of Foreign Exchange
Administration of Some Capital Projects (HuiFa [2003] No.50)
promulgated by the State Administration of Foreign Exchange on April
1, 2003, the overseas investment risks of domestic organizations
shall not be audited and approved by the administrations of foreign
exchange, and the auditing procedures on the fund resources of
overseas investments will be further simplified. For specific
procedures, refer to the Circular of the State Administration of
Foreign Exchange on Simplifying the Examination of Foreign Exchange
Capital Source of Investment Abroad (HuiFa [2003] No.43).
VI. The "examination and approval of guarantee funds for
transferring back the profits of overseas investments" is
canceledAccording to the provisions in the Circular of the State
Administration of Foreign Exchange on Guarantee Funds for
transferring back the profits of overseas investments (HuiFa [2002]
No.110) promulgated by the State Administration of Foreign Exchange
on November 12, 2002, the State Administration of Foreign Exchange
will not collect the guarantee funds for transferring back the
profits of overseas investments.
VII. The "examination and approval of prepayment or incidental
charges under boarder trades" is canceledThe prepayment or
incidental charges under boarder trades shall be in accordance with
the provisions in Article 1 of the Circular of the State
Administration of Foreign Exchange on Canceling Administrative
Examination and Approval on the Foreign Exchange in Current Accounts
(HuiFa [2002] No.53) promulgated by the State Administration of
Foreign Exchange on April 1, 2003.
VIII. The "examination and approval of the current account foreign
exchange brought or remitted into China by individuals, which
one-time payment of foreign currency or changing for Renminbi
equivalent of no less than $50,000" is canceledIf individuals need
to draw foreign currencies or change them for Renminbi, the
provisions in Article 2 of the Circular of the State Administration
of Foreign Exchange on Canceling Administrative Examination and
Approval on the Foreign Exchange in Current Accounts (HuiFa [2002]
No.53) promulgated by the State Administration of Foreign Exchange
on April 1, 2003 shall be implemented.
IX. The "examination and approval of foreign exchange used for
tax-free commodities and selling the tax-free commodities bought by
tax-free stores in RMB due to damages or overstock" is canceledIf
the headquarter of the stores selling tax-free commodities in
foreign exchange, or sell the commodities in RMB due to damages or
overstock, which will be paid abroad, the provisions in Article 3 of
the Circular of the State Administration of Foreign Exchange on
Canceling Administrative Examination and Approval on the Foreign
Exchange in Current Accounts (HuiFa [2002] No.53) promulgated by the
State Administration of Foreign Exchange on April 1, 2003 shall be
implemented.
X. The "verification of foreign exchange payments for the equipments
under foreign-invested projects and foreign-funded equipments and
articles" is canceledAccording to the Circular of the State
Administration of Foreign Exchange and the General Administration of
Customs Concerning Sales/Purchases of Foreign Exchange and
Verification by Presenting Custom Declaration Certificates for
Imported Goods (HuiFa [2003] No.15), the designated banks of foreign
exchange or administrations of foreign exchange shall verify the
declarations of the import which goods were imported after May 1,
2002 as the "trades that may sell/purchase foreign exchange". After
the authentications of the declarations are verified and put records
in the Import Declaration Networking Verification System or are
disposed for closing the cases, the sales/purchases of foreign
exchange and the verification can be performed according to the
Administrative Provisions on Settlement, Sale and Purchase of
Foreign Exchange, the Interim Measures of Supervising the
Verifications on Import Payments in Foreign Exchange and other
related provisions.
XI. Three items including "verification and
filing of letters of
credit of over 90 days under import items", "verification and filing
of collections of over 90 days under import items" and "verification
and filing of arrivals of over 90 days under import items (excluding
prepayment over proportion or over amount) are canceledIf importers
settle the payments in foreign exchange in a mode of "letter of
credit of over 90 days, collection of over 90 days and arrival of
over 90 days (excluding prepayment over proportion or over amount),
it may directly go to the designated banks of foreign exchange for
payments in foreign exchange according to the Circular of Further
Regulating the Administrative Policies on Import and Export
Verification (HuiFa [2002] No.65) promulgated by the State
Administration of Foreign Exchange on July 10, 2002, and the
designated banks of foreign exchange shall perform verifications
according to the administrative provisions on sales/purchases in
foreign exchange.
XII. The "verification of opening, using and
altering of foreign
exchange accounts by insurance companies" is canceledThe insurance
companies with approval for trading foreign exchange may, according
to the Circular of the State Administration of Foreign Exchange and
China Insurance Supervision and Administration Committee on
Promulgation and Implementation of the Interim Provisions on
Administration on Foreign Exchange for Insurance Operations (HuiFa
[2002] No.95) promulgated by the State Administration of Foreign
Exchange and China Insurance Supervision and Administration
Committee, open foreign exchange accounts, and shall report it to
the local administrations of foreign exchange for record within 10
working days after opening such accounts.
XIII. The "audit of the counterfoils of verification forms provided
by the exporters within 60 days after custom declaration" is
canceledExporters shall, according to the Circular of Pilots for
Networking Verification System for Export Proceeds Using Electronic
Law Execution at Ports (HuiFa [2001] No.7) promulgated by the State
Administration of Foreign Exchange and General Administration of
Customs on January 22, 2001, submit the verification forms used for
custom declaration to the local administrations of foreign exchange
via the "China Port Electronic System for Export Proceeds in Foreign
Exchange".
XIV. The "verification of re-remittance (to the original remitter by
individuals residing in China) of foreign exchange deposits remitted
from abroad" is canceledIf individuals re-remit the foreign exchange
deposits to the remitters who remit the foreign exchange to the
individuals, provisions in Article 4 of the Circular of the State
Administration of Foreign Exchange on Canceling Administrative
Examination and Approval on the Foreign Exchange in Current Accounts
(HuiFa [2002] No.53) promulgated by the State Administration of
Foreign Exchange on April 1, 2003 shall be implemented. And, the
Official Reply Concerning Remittance Abroad of Foreign Exchange
Deposits of Individuals residing in China and Alteration of Account
Names of Foreign Exchange Accounts (HuiFu [2000] No.291) shall be
repealed at the same time.
XV. The "verification of transfers of foreign exchange within China
by insurance companies and their branches" is canceledFor the
capital transactions between insurance companies and its branches
and between their foreign exchange accounts within the same
insurance companies, according to the provisions in the Circular of
the State Administration of Foreign Exchange and China Insurance
Supervision and Administration Committee on Promulgation and
Implementation of the Interim Provisions on Administration on
Foreign Exchange for Insurance Operations (HuiFa [2002] No.95)
promulgated by the State Administration of Foreign Exchange and
China Insurance Supervision and Administration Committee, such
transfers may be made within the banks of deposits provided that
such transfers shall be in accordance with the payment/proceed scope
of the accounts.
XVI. The "verification on the debtors repaying domestic foreign
exchange loans to local banks using their own foreign exchange" is
canceledIf debtors repay domestic foreign exchange loans to local
banks using their own foreign exchange, the provisions in Article 4
of the Circular of the State Administration of Foreign Exchange on
Reforming the Methods of Administration of Foreign Exchange in
Domestic Foreign Exchange Loans (HuiFa [2002] No.125) promulgated by
the State Administration of Foreign Exchange on December 6, 2002
shall be implemented.
XVII. The "verification of capital settlements of enterprises with
foreign investment" is canceledThe verifications on capital
settlements of enterprises with foreign investment shall be in
accordance with the Circular of Reforming the Administrative Method
of Capital Settlement under Foreign-Investment Items (HuiFa [2002]
No.59) promulgated by the State Administration of Foreign Exchange
on June 17, 2002 and the Circular of the State Administration of
Foreign Exchange on Improving the Administration of Foreign Exchange
in Foreign Direct Investments (HuiFa [2003] No.30).
XVIII. The "registration and verification of the domestic debtors
for foreign exchange loans" is canceledThe Sino-capital financial
organizations shall, when granting foreign exchange loans within
China, implement the provisions of the Circular of the State
Administration of Foreign Exchange on Reforming the Methods of
Administration of Foreign Exchange in Domestic Foreign Exchange
Loans (HuiFa [2002] No.125) promulgated by the State Administration
of Foreign Exchange on December 6, 2002.
XIX. The "verification of annual audits on the foreign exchange
proceeds/payments of ocean fishing operations of ocean fisheries" is
canceledAccording to the Circular of the State Administration of
Foreign Exchange on Canceling Administrative Examination and
Approval on the Foreign Exchange in Current Accounts (HuiFa [2002]
No.53) promulgated by the State Administration of Foreign Exchange
on April 1, 2003, the following provisions in the Interim Provisions
on the Foreign Exchange Proceeds/Payments of Ocean Fishing
Operations of Ocean Fisheries (HuiFa [2001] No. 49) promulgated by
the State Administration of Foreign Exchange and the Ministry of
Agriculture shall be repealed, including: Article 16 - "The
administration of foreign exchange shall implement a system of
annual audits on the foreign exchange proceeds/payments of ocean
fishing operations of ocean fisheries; Article 17 - "All branches of
the administrations of foreign exchange shall report the annual
audit results as well as the information on sales/purchases of all
local ocean fisheries to the State Administration of Foreign
Exchange before May 30 each year and make copies for local fishery
administrations"; Article 18 - "The State Administration of Foreign
Exchange shall inform the Ministry of Agriculture of the national
annual audit results as well as the utilization of foreign exchange
by the ocean fisheries after the annual audits, and the Ministry of
Agriculture shall publicize the annual audit results to all the
ocean fishery enterprises to establish a inter-supervision and
impeachment among the enterprises".
XX. The "verification of the over costs paid in
foreign exchange out from the accounts of travel agencies for entry tours "
is canceled. According to the Circular Concerning Further Regulating the
Administrative Policy on the Foreign Exchange Accounts under Current
Accounts (HuiFa [2002] No. 87) promulgated by the State Administration of
Foreign Exchange on September 9, 2002, the account
of a travel agency for entry tours and for abroad tours shall be merged into
one current account foreign exchange account. The travel agency may expend
directly from the this current account foreign exchange account without need
to apply to local administration of foreign exchange for approval.
The "verification and approval of the administration of foreign exchange on
the purchase of foreign exchange and by domestic foreign exchange debtor and
repaying loans at other locations" is canceledIf
the debtors repay foreign exchange loans within China, the provisions in
Article 5 of the Circular of the State Administration of Foreign Exchange on
Reforming the Methods of Administration of Foreign Exchange in
Domestic Foreign Exchange Loans (HuiFa [2002] No.125) promulgated by the
State Administration of Foreign Exchange on December 6, 2002 shall be
implemented. The specific procedures for the corresponding items after they
are canceled for verification and approval have been specified in the laws
and regulations promulgated by the State Administration of Foreign Exchange,
which can be referred via the governmental website of the State
Administration of Foreign Exchange or from the Announcements of the State
Administration of Foreign Exchange.
กก |
|