China Law Online Database : novexcn.com

You are using Guest Account

Subscribe To This Law Only

Subscribe To All Law Contents

Print This Page

Back




	CIRCULAR OF THE STATE ADMINISTRATION OF FOREIGN EXCHANGE ON ENLARGING THE REFORM PILOTS REGARDING THE ADMINISTRATION OF FOREIGN EXCHANGE FOR OVERSEAS INVESTMENT

	(No. 35[2005] of the State Administration of Foreign Exchange May 19, 2005)


SUBJECT : FOREIGN EXCHANGE; OVERSEAS INVESTMENT
ISSUING DEPARTMENT : THE STATE ADMINISTRATION OF FOREIGN EXCHANGE
ISSUE DATE : 05/19/2005
IMPLEMENT DATE : 05/19/2005
LENGTH : 358 words
TEXT :

In order to facilitate our domestic enterprises to make overseas investment and deepen the reform of the administration of foreign exchange for overseas investment, the State Administration of Foreign Exchange has decided to enlarge the reform pilots of the administration of foreign exchange for overseas investment (hereinafter referred to as "pilots") to all regions on the basis of summarizing the experiences of pilots in some regions since 2002. We hereby notify the relevant issues as follows:

1. Enlarging the piloting scope from the present 24 provinces, autonomous regions and municipalities directly under the Central Government to the whole country.

2. Increasing the quota of foreign exchange use for overseas investment from the present total amount of US$3.3 billion up to US$5 billion.

3. Enlarging the examination power limit of those foreign exchange bureaus in piloting regions. For those branches and administrative departments of foreign exchange that handle this matter, the power limit to examine the funding source of foreign exchange for overseas investment shall be elevated from $3 million to $10million.

4. For those branches and administrative departments of foreign exchange in the provinces, autonomous regions and municipalities directly under the Central Government that haven't been approved for the implementation of pilots until the promulgation of the present Circular, they may, with a view to the actual situations of the administrative regions thereof, formulate the measures for implementing the pilots and work out the quota of foreign exchange use for overseas investment within jurisdiction in 2005 and report them to the State Administration of Foreign Exchange for archival filing before implementation.

5. All branches and administrative departments of foreign exchange shall attach great importance to this work and collaborate with the relevant departments within jurisdiction in a close manner, earnestly organize the reform pilot work of the administration of foreign exchange for overseas investment and support the enterprises within jurisdiction to carry out the strategy of "Going global". Where there is any problem in the process of implementation, a report shall be made to the State Administration of Foreign Exchange in a timely manner.

6. The present Circular shall come into force as of the date of promulgation.