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	CIRCULAR OF THE MINISTRY OF FINANCE CONCERNING THE CANCELLATION OF ADMINISTRATIVE EXAMINATION AND APPROVAL ITEMS

	(No.151 [2003] of the Ministry of Finance promulgated on May 13, 2003 and implemented as of November 1, 2002)


SUBJECT : CANCELLATION; ADMINISTRATIVE EXAMINATION AND APPROVAL ITEMS
ISSUING DEPARTMENT : MINISTRY OF FINANCE OF THE PEOPLE'S REPUBLIC OF CHINA
ISSUE DATE : 05/13/2003
IMPLEMENT DATE : 11/01/2002
LENGTH : 401 words
TEXT :

In order to implement the spirit of the Decision of the State Council on Cancellation of the First Group of Administrative Examination and Approval Items (No.24 [2002] of the State Council), to earnestly transform the government functions, to improve the work methods and to enhance the work efficiency, the relevant matters concerning repealing and stopping the execution of some administrative examination and approval items that involve enterprise finance are hereby notified as follows:

I. The administrative examination and approval of the following items shall be cancelled:

(1) Examination and approval of the overspending of welfare fund by tourist enterprises;

(2) Examination and approval of the currency used in book-keeping by foreign economic cooperative enterprises; and

(3) Examination and approval of the loss of bad loans of foreign economic cooperative enterprises;

II. The following documents shall be repealed:

The Circular on Handling of the Relevant Finance Problems of Tourist Enterprises after Reform of the Taxation System and the Foreign Exchange Administration System (No.457 [94] of the Ministry of Finance) of the Ministry of Finance.

III. The execution of some of the clauses in the following documents shall be stopped:

(1) Article 73 of Chapter 9 of the Circular on Promulgating the Financial System of Foreign Economic Cooperative Enterprises (No.39 [93] of the Ministry of Finance) of the Ministry of Finance: the currency used in book-keeping, once determined, may not be altered at will, if any alteration is needed, such alteration shall be submitted to the finance authorities for approval.

(2) Article 3 of the Circular on Several Issues Concerning the Financial Management of Foreign Economic Cooperative Enterprises ([1995] of the Ministry of Finance) of the Ministry of Finance: an enterprise shall strengthen the administration of the urge for payment of the overdue receivable accounts, and on the basis of classified arrangements and careful verification, the overseas receivable accounts that really shall be included in the loss of bad loans and where the loss of one account is over US$200,000 or the accumulated loss of bad loans of one year is over US$500,000; the domestic receivable accounts that really shall be included in the loss of bad loans and where the loss of one account is over US$200,000 or the accumulated loss of bad loans of one year is over US$500,000, shall be submitted to the finance authorities for examination and approval.

IV. This Circular shall be executed as of November 1, 2002.