Circular of the State Administration of Foreign Exchange on the Promulgation of the Measures for the Administration of Foreign Exchange in Bonded Areas under the Supervision of the Customs
Circular of the State Administration of Foreign Exchange on the Promulgation of the Measures for the Administration of Foreign Exchange in Bonded Areas under the Supervision of the Customs
Circular of the State Administration of Foreign Exchange on the Promulgation of the Measures for the Administration of Foreign Exchange in Bonded Areas under the Supervision of the Customs
Hui Fa [2007] No. 52
August 15, 2007
Foreign exchange bureaus and foreign exchange administrative departments of all provinces, autonomous regions and municipalities directly under the Central Government, and foreign exchange bureaus of Shenzhen, Dalian, Qingdao, Xiamen and Ningbo:
For the purposes of meeting the demands of further expanding and transforming the functions of bonded areas under the supervision of the customs and facilitating the trade and investment made by enterprises within such areas, after consulting with the State Administration of Taxation and the General Administration of Customs, the State Administration of Foreign Exchange has formulated the Measures for the Administration of Foreign Exchange in Bonded Areas under the Supervision of the Customs (Please see Annex, hereinafter referred to as these Measures). These Measures integrate various foreign exchange administration policies applicable to different bonded areas under the supervision of the customs, adjust the inconsistent policies governing foreign exchange purchase and settlement inside and outside such areas while maintaining some preferential policies at the same time, and further simplify the examination and approval procedures for foreign payments. We hereby print and distribute these Measures to you for implementation, and specify the issues concerning the foreign exchange accounts of enterprises in export processing zones as follows:
I. An enterprise in any export processing zone which has opened foreign exchange accounts shall, before these Measures take effect, adjust the nature and number of such accounts pursuant to these Measures upon the approval of the local bureau or sub-bureau of the State Administration of Foreign Exchange (hereinafter referred to as foreign exchange bureau). Funds in the original foreign exchange accounts shall, upon the examination and approval of the foreign exchange bureau, be transferred to the corresponding newly opened foreign exchange accounts based on the nature of such funds as declared by the enterprise. The foreign exchange bureau shall, when examining the nature of funds as declared by the enterprise, comprehensively take into consideration the enterprise's capital, foreign debts, domestic and overseas foreign exchange loans and other foreign exchange settlement information so as to accurately determine the nature of funds and avoid confusion.
II. All the local bureaus and foreign exchange administration bureaus shall, after receiving these Measures, transmit them to the bureaus under its administration and various administration institutions of bonded areas under the supervision of the customs as well as banks and enterprises in time. In case any problem arises in the process of their implementation, please inform it to the Comprehensive Department of the State Administration of Foreign Exchange.
Contact persons: Jing Qin, Xu Weigang
Tel: 68402429, 68402238
Fax: 68402430
Annex 1: Measures for the Administration of Foreign Exchange in Bonded Areas under the Supervision of the Customs
Article 1 These Measures are hereby formulated in accordance with the Administrative Regulations of the People's Republic of China on Foreign Exchange as well as other relevant laws and rules, with a view to improving the administration of foreign exchange of the bonded areas under the supervision of the customs and promoting the sound development of bonded areas under the supervision of the customs.
Article 2 The "bonded areas under the supervision of the customs" as mentioned in these Measures (hereinafter referred to as "within the area") include such specific areas undertaking closed supervision and administration as bonded areas, export processing areas, bonded logistic zones, bonded port areas, comprehensive bonded areas, and cross-border industrial areas, etc.
Article 3 The State Administration of Foreign Exchange and its branches (hereinafter referred to as "foreign exchange bureaus") shall conduct supervision over and administration on foreign exchange accounts, foreign exchange revenue and spending, purchase of foreign exchange, and settlement of foreign exchange within the area in accordance with the relevant laws.
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