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Circular of the State Administration of Foreign Exchange on Issuing the Provisional Procedures on the Foreign Exchange Administration in Export Processing Areas |
Each branch of the State Administration of Foreign Exchange (hereinafter as the SAFE in brief), Beijing and Chongqing Departments of the SAFE, and each Chinese-funded designated foreign exchange bank:
Provisional Procedures on the Foreign Exchange Administration in Export Processing Areas have been formulated for implementation by SAFE in accordance with the State Council's instructions on launching export processing areas pilot project.
After receiving this Circular, each SAFE branch shall study it seriously, implement it strictly, and transmit it to each branch and sub-branch of SAFE, foreign-funded bank and relevant unit under its jurisdiction. Each Chinese-funded designated foreign exchange bank shall transmit it to each branch and sub-branch under its jurisdiction. Domiciled branches and sub-branches where the export processing areas are located (hereinafter the SAFE Branches) shall formulate detailed rules for implementation to be distributed and put into force after being reported to and approved by the SAFE. All the relevant certificates shall be independently designed and printed by the SAFE Branches.
Any problems or questions arising in its implementation shall be reported promptly to the SAFE.
Attachment:
Provisional Procedures on the Foreign Exchange Administration in Export Processing Areas
Chapter I General provisions
Article 1 This set of provisional procedures has been formulated with a view to normalize the foreign exchange administration in export processing areas, to ensure healthy foreign exchange flows, to promote export and the development of export processing areas, and to encourage foreign investment inflows.
Article 2 Export processing areas referred to in this set of provisional procedures are the special economic areas for export processing on the territory of the People's Republic of China (hereinafter China) established with the approval of the State Council to be put under closed supervision of the customs.
Article 3 The departments responsible for the foreign exchange administration are the State Administration of Foreign Exchange (hereinafter the SAFE) and its subsidiaries.
The SAFE is responsible for formulating foreign exchange regulations in export processing areas. Domiciled branches of the SAFE where the export processing areas are located (hereinafter the SAFE Branches) are responsible for formulating detailed rules for implementing relevant regulations. The SAFE Branches are also responsible for supervising foreign exchange revenue and expenditure, as well as other foreign exchange business in the export processing areas according to relevant regulations and corresponding detailed rules for implementation.
Article 4 The "inside areas" referred to in this set of procedures are the areas inside the export processing areas, while the "outside areas" are the areas inside China other than the export processing areas.
The "in-area entities" referred to in this set of procedures are enterprises, public institutions and other economic organizations inside the export processing areas.
The "out-area entities" referred to in this set of procedures are enterprises, public institutions and other economic organizations inside China other than the export processing areas.
Article 5 Foreign exchange revenue and expenditure as well as other foreign exchange business of in-area entities and individuals shall be regulated by this set of procedures.
Article 6 All the economic transactions between in-area and out-area entities as well as individuals shall be subject to balance of payment reporting procedures in accordance with Procedures on Reporting Balance of Payment Statistics.
Article 7 All the economic transactions between in-area and out-area entities as well as individuals shall be exempt from balance of payment reporting procedures.
Chapter II Foreign Exchange Registration
Article 8 Within 30 days after acquiring industrial and commercial business license, in-area entities shall handle formalities of foreign exchange registration with the SAFE Branches and fill out Registration Form of Basic Information upon the following documents:
1. approval documents for establishment;
2. industrial and commercial business licenses;
3. the entity's contracts, articles of association already approved.
The SAFE Branches, after examining and verifying the validity of the documents, shall issue a Foreign Exchange Registration Certificate of Export Processing Areas (hereinafter the Registration Certificate) to the applicant.
The Registration Certificate shall be designed by the SAFE and printed by the SAFE Branches.
Article 9 In any case of altering name, address registered capital, and business scope, of transferring shares, and of merger and separate, in-area entities shall handle formalities of registration alteration with the SAFE Branches by presenting the Registration Certificate and other prescribed documents within 30 days after acquiring altered industrial and commercial business license.
Article 10 In liquidation due to closing or expiration of the business term, in-area entities shall handle formalities of nullifying foreign exchange registration with the SAFE Branches by presenting the Registration Certificate and other prescribed documents within 30 days after the liquidation approved.
Article 11 The SAFE Branches shall inspect foreign exchange revenue and expenditure as well as other foreign exchange business of in-area entities annually. They shall write down the inspection result in and affix a seal to the Registration Certificate.
In-area foreign-funded enterprises shall take joint annual inspection by seven ministries of the State Council. The SAFE Branches shall inspect foreign exchange revenue and expenditure as well as other foreign exchange business of in-area foreign-funded enterprises according to Circular on Implementing Joint Annual Inspection of Foreign-funded Enterprises and other relevant regulations.
The SAFE Branches shall inspect foreign exchange revenue and expenditure as well as other foreign exchange business of other in-area entities in the light of the regulation on annual inspection of in-area foreign-funded enterprises.
Article 12 If they do not engage in foreign exchange business within one year after foreign exchange registration, or for a successive year, in-area entities shall report on their own initiative to the SAFE Branches within 5 working days after the year passed. If there are no justified reasons, the SAFE Branches shall have the power to nullify their foreign exchange registration, terminate their qualification of relevant foreign exchange businesses, require them surrender all the foreign exchange purchased for paid-in capital, and suggest the administration of industry and commerce nullify their business license.
Article 13 The Registration Certificate shall not be forged, altered, rented, lent, transferred, or sold to other entities.
Article 14 In-area entities, when handling formalities of foreign exchange revenue and expenditure, shall present inspected and valid Registration Certificate and other prescribed valid certificates and commercial vouchers.
For in-area entities that have not taken or not passed the annual inspection, the SAFE Branches shall order them rectify within a stated time. Their foreign exchange revenue and expenditure during the period of rectifying shall be verified by the SAFE Branches case by case.
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