Circular of the State Administration of Foreign Exchange on Distribution of the Measures for Administration of Verification and Writing-Off of Export Proceeds in Foreign Exchange

Circular of the State Administration of Foreign Exchange on Distribution of the Measures for Administration of Verification and Writing-Off of Export Proceeds in Foreign Exchange

Hui Fa [2003] No.91

August 5, 2003

The branches and foreign exchange departments of the State Administration of Foreign Exchange (SAFE) of the provinces, autonomous regions, and municipalities directly under the Central Government, the branches of SAFE in Shenzhen, Dalian, Qingdao, Xiamen, and Ningbo; and the designated foreign exchange banks:

SAFE has formulated the new Administrative Measures for the Verification and Writing-off of Export Proceeds in Foreign Exchange (hereinafter referred to as the Measures, see the attachments), and has obtained the consent jointly signed by the Ministry of Commerce, the General Administration of Customs, and the State Administration of Taxation in order to further improve the administration of verification and writing-off of export proceeds in foreign exchange, enhance the efficiency of the regulation and service, and promote the development of China's foreign trade. The Measures are hereby distributed and should be carried out accordingly.

In order to implement the Measures, the "System of Verification and Report of Export Proceeds in Foreign Exchange" (hereafter referred to as the System), which is to be promoted and operated all over the country on a phased basis has been designed and developed by SAFE. Considering the fact that the starting time for the use of the System by the localities is different, and in order to avoid confusion, any region that already started using the System before the implementation of these Measures shall execute the provisions of the Measures; whereas any region that has not started using the System shall still execute the former relevant provisions on the administration of verification and writing-off of export proceeds in foreign exchange. The branches and designated foreign exchange banks shall transmit this Circular to the agencies under their respective jurisdictions as soon as possible upon receipt of it. Any problems arising during the execution of these Measures should be passed to the Department of Current Accounts under SAFE.

Attachment I Measures for Administration of Verification and Writing-Off of Export Proceeds in Foreign Exchange

Article 1 The Measures are formulated in accordance with the Administrative Regulations of the People's Republic of China on Foreign Exchange in order to further improve the administration of export proceeds in foreign exchange, and to promote the development of China's foreign trade,.

Article 2 Definitions of the following terms used in these Measures:
"Exporters" refer to all the entities that have been approved or registered by the authorities of commerce or the authorized organs thereby and that have the power of foreign trade management.
"Banks" refer to the banks and its branches thereof that have been approved or put on record by the state financial supervisory and management bodies and the authorized organs thereby; the banks include Chinese-funded banks and foreign-funded banks.
"Forms for the verification and writing-off of export proceeds in foreign exchange" (hereafter referred to as verification forms) refer to the important vouchers with unified numbers that are managed uniformly by SAFE and issued by its branches thereof, and by which the exporters make declaration of exports with the customs offices, collect export proceeds in foreign exchange with the banks, make verification and writing-off of export proceeds in foreign exchange (hereafter referred to as verification) with the foreign exchange authorities, and apply for export tax refund with the tax authorities.
"Certification Page of the Customs Declaration Form for Export Proceeds in Foreign Exchange" (hereafter referred to as declaration form) refers to the declaration form that is issued by the customs office to the exporter, after the clearance of the export goods, to prove the actual export of the goods, and on the basis of which the verification formalities are processed.
"Special Page of Verification and Writing-off of Export Proceeds in Foreign Exchange" (hereafter referred to as special page) refers to the special exchange settlement receipt for verification, or the special collection advice for verification that is issued by the bank to the exporter and on the basis of which the verification formalities are processed.
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