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    State Administration of Foreign Exchange
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    Streamlining foreign exchange administration regulations to advance the "delegation, centralization and service" and supply side structural reforms
Streamlining foreign exchange administration regulations to advance the "delegation, centralization and service" and supply side structural reforms

To further implement the gist of the "delegation, centralization and service" reform, advance the supply side structural reform, execute the policy measures of "stabilizing growth, promoting reform, adjusting structure and serving the common good" and effectively reduce costs incurred by enterprises in the real economy, the State Administration of Foreign Exchange (SAFE) keeps streamlining regulations, announcing nearly 900 foreign exchange regulatory documents abolished and nullified since 2009. The SAFE has recently released the Circular of the State Administration of Foreign Exchange on Announcing 27Foreign Exchange Regulatory Documents Abolished and Nullified (Huifa No. 29 [2016]), adding 27 documents that are abolished and nullified to the total.

First, under the principle of refining system supply and streamlining administration, 18 foreign exchange regulatory documents whose contents have been substituted by new documents and that could not adapt to the status quo of administration are abolished, based on content analysis piece by piece. These documents involve trade in goods management, individual foreign exchange administration, and foreign exchange registration and administration for overseas investments. Businesses involved will be handled in accordance with existing provisions. For example, individual use of foreign exchange will be handled pursuant to the Measures for the Administration of Individual Foreign Exchange and the implementation details under the same regulatory requirements, as well as the same principle of supporting and facilitating normal and reasonable use of foreign exchange by market players.

Second, under the principle of building a concise and clear policy framework with consistent logics, the SAFE has strengthened the "ledger-based" streamlining of regulations, and announced nullified a total of 9 foreign exchange regulatory documents whose application periods have expired, or adjustment targets have disappeared, and are actually invalid, such as the circulars on streamlining half-closed accounts of units directly under the Central Government at the end of 1998, on implementing a pilot program for foreign exchange accounts management reform in 2005, and on foreign exchange annual check for foreign-invested enterprises in 2010 and 2011.

Announcing the above documents abolished and nullified can further enhance the level of convenience and is favorable for market players to understand and implement the foreign exchange administration policies.

Next, the SAFE will continue to closely follow the deployments of the CPC Central Committee and the State Council, accelerate administration streamlining, power delegation and transformation of government functions, strive to make breakthroughs in reform, and implement the long-term mechanism for regulation streamlining, so as to reduce transaction costs from policy. Meanwhile, the SAFE will intensify monitoring and early warning of cross-border capital flows, support banks to refine the self-discipline mechanism and to strictly perform the requirements and responsibilities for authenticity and compliance reviews, and take a tough stance on foreign exchange irregularities to safeguard a healthy order in foreign exchange markets and serve the development of the real economy.


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State Administration of Foreign Exchange