China Reforms Capital Settlement for Foreign Investment Account

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Last updated at: (Beijing Time) Saturday, June 29, 2002

China Reforms Capital Settlement for Foreign Investment Account

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The China State Administration of Foreign Exchange (SAFE) announced Friday that, starting from July 1, a new capital settlement scheme for foreign invested accounts will be implemented throughout the country.

A SAFE spokesman said that this is to improve the foreign investment environment and facilitate the capital operation of foreign investment.

Under the current capital settlement scheme, the capital settlement of foreign investment accounts is ratified individually by the SAFE, and banks settle the accounts according to directionsfrom the SAFE. To make it easier for enterprises, the new system will allow designated banks to check and handle settlements directly, and the SAFE will perform indirect supervision through its authorized banks.

The spokesman said that the reform simplifies the business procedures of foreign invested enterprises, helps lower their costs and raises capital efficiency.

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