China Improves DFI Forex Management

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Last updated at: (Beijing Time) Monday, March 24, 2003

China Improves DFI Forex Management

The State Administration of Foreign Exchange (SAFE) has issued a circular on improving the management of foreign exchange related to direct foreign investment (DFI).

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The State Administration of Foreign Exchange (SAFE) has issued a circular on improving the management of foreign exchange related to direct foreign investment (DFI).

A SAFE spokesman said Monday the move aimed to adapt to the new international investment situation, absorb foreign capital through various channels and further improve the environment for foreign investment.

He said that with deepening reform and opening drive in China, foreign direct investment has displayed many new conditions and created new requirements for forex administration. As a result, some rules and procedures concerning forex management needed to beclarified or simplified.

The circular provides detailed regulations in 10 aspects concerning the opening and management of forex accounts, foreign investors' acquisition of shares in Chinese enterprises, foreign capital verification and registration, forex settlement and other issues.

The new regulations will come into effect on April 1, 2003.

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