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Rules and Regulations
  • Index number:
    000014453-2019-0331
  • Dispatch date:
    2019-10-25
  • Publish organization:
    State Administration of Foreign Exchange
  • Exchange Reference number:
  • Name:
    Circular of the State Administration of Foreign Exchange Further Promoting Cross-border Trade and Investment Facilitation
Circular of the State Administration of Foreign Exchange Further Promoting Cross-border Trade and Investment Facilitation
VIII. Optimizing reporting of foreign exchange under trade in goods

Enterprises shall no longer be required to report their business in the coaching period to the local foreign exchange authorities. Enterprises in the coaching period with unusual or suspicious foreign exchange receipts and payments under trade in goods shall be subject to monitoring, verification and standard classified management by the SAFE.

Trade credit and trade finance can be reported online through the monitoring system (enterprise end) for foreign exchange under trade in goods, with no need to visit and report to local foreign exchange authorities (excluding special businesses under different trading companies)

XI. Allowing discretion to open accounts pending verification for export revenues

For revenues under trade in goods, enterprises can open an account pending verification for export revenues ("account pending verification") at their discretion. If such an account is not opened, revenues under trade in goods that have been reviewed by the bank in compliance with existing regulations can be recognized into the foreign exchange account under the current account or be settled directly. The revenue declaration sheet for the account pending verification that is currently required to be submitted to the SAFE can be waived.

X. Facilitating the directory registration of branches and sub-branches

When applying for directory registration, alteration or deregistration, branches or sub-branches shall go through the procedures in accordance with the current requirements on enterprises as legal persons, by presenting the original or duplicates of their own business licenses, without the need to provide the Business License for Enterprises as Legal Persons.

XI. Expanding piloting for the transfer of domestic credit assets

Guided by the principles of risk controllability and prudent management, the scope of players that can participate in the transfer of domestic credit assets, the channels of transfer and the scope of credit assets that can be transferred, including banks' non-performing assets and trade finance, are allowed to be expanded in pilot regions.

XII. Allowing centralized management of their offshore funds by engineering contractors

By registering with the SAFE, engineering contractors can open an account for centralized funds management overseas in compliance with the laws and regulations of the country or region where the account is located. The receipts in the account shall include engineering payments from overseas project owners or domestic accounts, and from the same owner's other accounts for contracted engineering projects in the same country (region). The payments in the account shall include engineering receipts remitted back to China, relevant overseas engineering payments and funds transferred into the same owner's other accounts for contracted engineering projects in the same country (region).

This circular will become effective as of the date of issuance (Paragraph 2 of Article 8 will come into force as of January 1, 2020 as the monitoring system for foreign exchange under trade in goods needs upgrading).

This Circular shall prevail where there are inconsistencies between previous provisions and this Circular.

Upon receipt of this Circular, the branches and foreign exchange administrative departments of the SAFE shall immediately forward it to the central sub-branches, sub-branches, urban commercial banks, rural commercial banks, foreign banks, and rural credit cooperatives, and the national China-funded banks should promptly forward it to the branches under their jurisdictions. Please report any problems encountered in the implementation to the SAFE in time.

Tel: 010-68402450, 68402163, 68402250

 

State Administration of Foreign Exchange

October 23, 2019

The English translation may only be used as a reference. In case a different interpretation of the translated information contained in this website arises, the original Chinese shall prevail.

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State Administration of Foreign Exchange