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Foreign Exchange Control System Not to Change: Official
China has not made any commitment to Renminbi convertibility under capital project in the WTO negotiation process and China will maintain the foreign exchange control system under capital project pointed out Ma Delun, deputy Director of the State Administration of Foreign Exchange (SAFE) recently.
Ma disclosed that a new foreign exchange managing system centered on banks would be established in a move to bring facilities to enterprises and improve efficiency after China's participation into WTO.
The current foreign exchange system is basically in line with WTO rules and international routines and the impact and policy adjustment of WTO membership itself would be limited.
However, China's WTO participation would bring more risks to the country's direct integration into international economic and financial markets as well as the ability to bear the risks brought about by economic integration and opening-up.
As to foreign exchange management, the entry into WTO would not mean give free rein to opening without any restriction but active adjustment to WTO rules to integrate the country into economic globalization in a more flexible and effective way and to maintain international payments equilibrium and foreign-related economic security.
By PD Online Staff Li Heng
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