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English>>China Business

Foreign exchange rules to ease

By Wang Xinyuan (Global Times)

09:55, November 22, 2012

China's foreign exchange regulator unveiled Wednesday a plan to simplify administrative rules on foreign exchange accounts, a move analysts said will facilitate foreign direct investment (FDI).

Opening foreign exchange accounts or purchasing or selling foreign exchange for the purpose of FDI will require only registration in lieu of regulatory review and approval, effective on December 17, the State Administration of Foreign Exchange (SAFE) said in a statement seen Wednesday on its website.

The same applies to transfers between different foreign exchange accounts for FDI, according to SAFE.

Review will no longer be needed for reinvestment of profits generated by foreign companies in China.

Procedures will also be simplified for investment in joint ventures and for foreign investors to buy equity in Chinese firms, SAFE noted.

"The initiatives are aimed at facilitating foreign investment in China and increasing productivity," said Li Youhuan, a professor at the Guangdong Academy of Social Sciences.

The loosened regulations make it easier for hot money to flow into China, Li said, yet relaxed control alone is not enough to attract more FDI.

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