SAFE notice about improving management of foreign investors foreign Exchange
www.chinaview.cn
2003-03-31 09:43
¡@¡@State Administration of Foreign
Exchange (SAFE) of the People's Republic of China has issued a notice about
improving management and climate of direct investment of foreign businessmen in
foreign exchange. It will come into effect as of April 1,2003.
¡@¡@The
notice is divided into 4 parts, including 22 items and enclosing 10 concrete
operation rules. It makes detailed regulations in 10 respects, such as capital
inflow, circular for confirmation and registration of checking capital, logical
order of capital outflow and so on. According to the notice, foreign investors
without a foreign investment enterprise in China going in for direct or indirect
investment can manage through special exchange account of foreign investors.
Foreign investors are allowed to invest foreign investment enterprises through
their non-resident individual spot exchange account in China and the funds in
shipping account of appointed foreign exchange bank dealing in shipping business
approved by People's Bank of China. Besides the notice also expands investing
range of foreign investment enterprises. Investors can deal with internal
property reinvestment, undistributed profits, profit payable, three funds and so
forth. Enditem (english.mofcom.gov.cn)
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