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The SAFE recently released Chinas International Investment Position for the year 2009. The statistics reveal that at the end of 2009, China's external financial assets hit USD3460.1 billion, up 17 percent over that at the end of 2008; external financial liabilities reached USD1638.1 billion, a rise of 12 percent year on year; external net financial assets totaled USD1821.9 billion, an increase of 22 percent year on year. Among the external financial assets, direct investments abroad totaled USD229.6 billion, portfolio investments totaled USD242.8 billion, other investments totaled USD536.5 billion, and reserves assets reached USD2451.3 billion, accounting for 7 percent, 7 percent, 16 percent, and 71 percent of external financial assets respectively. In terms of external financial liabilities, foreign direct investments totaled USD997.4 billion, portfolio investments USD190 billion, and other investments USD450.8 billion, accounting for 61 percent, 12 percent, and 28 percent of external financial liabilities respectively. The International Investment Position (hereinafter referred to as the IIP) is a statistical statement which reflects at a specific point the stocks of financial assets and liabilities of one country or region to other countries or regions in the world; together with the Balance of Payments Statement (BOP statement) it constitutes the complete international accounts system of the country or region indicating the trade flows. The SAFE adjusted its IIP from 2004 to 2008 according to the latest data. China's International Investment Position Unit: 100 million US dollars Items End of 2004 End of 2005 End of 2006 End of 2007 End of 2008 End of 2009 Net Position 2764 4077 6402 11881 14938 18219 A. Assets 9291 12233 16905 24162 29567 34601 1. Direct Investments Abroad 527 645 906 1160 1857 2296 2. Portfolio Investment 920 1167 2652 2846 2525 2428 2.1 Equity Securities 0 0 15 196 214 546 2.2 Debt Securities 920 1167 2637 2650 2311 1882 3. Other Investment 1658 2164 2539 4683 5523 5365 3.1 Trade Credits 432 661 922 1160 1102 1646 3.2 Loans 590 719 670 888 1071 942 3.3 Currency and Deposits 553 675 736 1380 1529 1409 3.4 Other Assets 83 109 210 1255 1821 1368 4. Reserves Assets 6186 8257 10808 15473 19662 24513 4.1 Monetary Gold 41 42 123 170 169 371 4.2 Special Drawing Rights 12 12 11 12 12 125 4.3 Reserves Position in the Fund 33 14 11 8 20 25 4.4 Foreign Exchange 6099 8189 10663 15282 19460 23992 B. Liabilities 6527 8156 10503 12281 14629 16381 1. Foreign Direct Investments 3690 4715 6144 7037 9155 9974 2. Portfolio Investment 566 766 1207 1466 1677 1900 2.1 Equity Securities 433 636 1065 1290 1505 1748 2.2 Debt Securities 133 130 142 176 172 152 3. Other Investment 2271 2675 3152 3778 3796 4508 3.1 Trade Credits 809 1063 1196 1487 1296 1617 3.2 Loans 880 870 985 1033 1030 1114 3.3 Currency and Deposits 381 484 595 791 918 1034 3.4 Other Liabilities 200 257 377 467 552 742 Note: 1. This IIP employs rounded-off numbers. 2. Net position refers to assets minus liabilities, + refers to net assets, and -refers to net liabilities. Compilation Principles and Indexes for the IIP I. Compilation Principles for the IIP In accordance with the standards of the Balance of Payments Manual (Fifth Edition) published by the International Monetary Fund (IMF), the IIP is a statistical statement which reflects at a specific point the stocks of financial assets and liabilities of one country or region to other countries or regions of the world. Changes in the IIP can be caused by changes in transactions, prices, or exchange rates, as well as by other adjustments during a specific period. The IIP is consistent with the BOP statement with regard to the principles of valuation, measurement, and conversion, and together with the BOP Statement constitutes a complete international accounts system of the country or region. Chinas IIP is a statistical statement which reflects at a specific point the stocks of financial assets and liabilities of China (excluding that of Hong Kong SAR, Macao SAR, and Taiwan Province) to other countries or regions of the world. II. Explanation of the Major IIP Indexes According to IMF standards items on the IIP are categorized according to assets and liabilities. Assets are divided into China's direct investments abroad, portfolio investments, other investments, and reserves assets, and liabilities are divided into foreign direct investments, portfolio investments, and other investments. The net position refers to external assets minus external liabilities. The items are specifically defined as follows: 1. Direct Investment refers to external investment whereby an investor of one country operates an enterprise located in another country with the aim of acquiring effective control over the enterprise. It consists of direct investment abroad and foreign direct investment. Direct investment abroad includes the stocks of the direct investment abroad conducted by China's non-financial sectors, the stocks of the capital fund and working capital allocated by domestic banks to set up branches overseas, as well as the stocks of loans between the parent companies and the subsidiaries both in China and abroad, and the stocks of other receivables and payables. Foreign direct investment includes the stocks of foreign direct investment absorbed by Chinas non-financial sectors, the stocks of direct investment overseas absorbed by the financial sectors (including foreign investment attracted by branches of foreign financial sectors and Chinese-funded financial sectors, and investments by foreign parties in joint financial sectors), as well as the stocks of loans between the parent companies and the subsidiaries both in China and abroad, and the stocks of other receivables and payables. 2. Portfolio Investment includes some types of investment such as shares, long- and medium-term bonds, and money-market instruments. Portfolio investment assets refer to holdings of negotiable securities, such as shares, bonds, money-market instruments, and derivative financial instruments, which are held by Chinese residents but issued by non-resident enterprises. Portfolio investment liabilities refer to shares and bonds held by non-resident enterprises but issued by resident enterprises. 2.1 Equity Securities consist of securities in the form of stocks. 2.2 Debt Securities include long- and medium-term bonds, short-term (one year or less) bonds, and money-market instruments or transferable debt instruments, such as short-term treasury notes, commercial papers, and large-sum short-term negotiable certificates of deposits. 3. Other Investment refers to all financial assets and liabilities, including trade credits, loans, currency, and deposits, as well as other assets and liabilities, but excluding direct investments, portfolio investments, and reserves assets. Long term refers to a contract period for the relevant financial assets/liabilities that is longer than one year, whereas short term refers to a contract period that is one year or less. 3.1 Trade Credits refer to direct business credit arising from the import and export of goods between China and other countries. Assets refer to the receivables of China's exporters and the advance payments by Chinas importers, and liabilities refer to the payables of Chinas importers and the advance receipts of China's exporters. 3.2 Loans refer to the external assets held by domestic institutions by providing loans and lending to overseas institutions; and liabilities refer to loans borrowed by domestic institutions, such as loans from foreign governments, loans from international institutions, loans from foreign banks, and sellerscredit. 3.3 Currency and Deposits. Assets refer to the funds deposited abroad and the foreign cash in stock held by China's financial institutions; and liabilities refer to overseas private deposits and short-term funds from foreign banks absorbed by China's financial institutions, as well as other short-term funds, for instance loans from foreign exporters and individuals. 3.4 Other Assets or Liabilities refer to investments other than trade credits, loans, currency, and deposits, for example, capital paid by non-currency international institutions and other receivables and payables. 4. Reserves Assets refer to external assets that can be used at any time and are effectively controlled by the PBOC, consisting of monetary gold, special drawing rights (SDRs), the reserves position in the fund, and foreign exchange. 4.1 Monetary Gold: refers to the gold held by the PBOC as reserve. 4.2 Special Drawing Rights is a type of ledger assets, which is allocated by the IMF according to the capital share of its members; it can be used to repay debt to the IMF and can make up for a deficit in the balance of payments between the governments of member countries. 4.3 Reserves Position in the Fund refers to assets in the ordinary accounts of the IMF that can be used freely. 4.4 Foreign Exchange refers to current assets and liabilities that are retained by the PBOC and that can be used as a means of international compensation. 2010-05-04/en/2010/0504/929.html
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The branches and foreign exchange administrative departments of the State Administration of Foreign Exchange (SAFE) in all provinces, autonomous regions, and municipalities directly under the central government, the SAFE branches in Shenzhen, Dalian, Qingdao, Xiamen, and Ningbo, all Chinese-funded designated foreign exchange banks and the China Foreign Exchange Trade System: In the early morning of April 14, 2010, a severe earthquake hit Yushu county in Yushu Tibetan Autonomous prefecture of Qinghai province, which resulted in heavy casualties and huge property losses. To enhance policy support in terms of foreign exchange administration to fight the quake and to carry out relief work, this emergency circular is hereby promulgated as follows: I. The branches and foreign exchange administration departments under the State Administration of Foreign Exchange (hereinafter referred to as SAFE branches) shall make all-out efforts to fight the earthquake and to carry out relief work by implementing the overall requirements of the Party Central Committee and the State Council on fighting the earthquake and carrying out relief work and complying with the uniform planning of the Party Committees of the Peoples Bank of China in their respective localities. The chief persons-in-charge of the SAFE branches shall serve as the primary duty officers for fighting the earthquake and for carrying out the relief work, and they shall take full responsibility for implementing the relevant tasks within their jurisdictions. The job responsibility system for fighting the earthquake and carrying out relief work shall be implemented in all respects and at all levels. II. The SAFE branches shall establish Green Channels for fighting the quake, carrying out relief work, and implementing post-disaster reconstruction. All kinds of foreign exchange services work shall be earnestly fulfilled. 1. Efforts shall be made to facilitate timely provision of donations for fighting the earthquake and carrying out relief work. When receiving donations for disaster relief from overseas countries or regions, government departments above the county level (inclusive) in Qinghai province and legally-established domestic NGOs are allowed to complete the procedures for account entry and settlement of the foreign exchange funds (including foreign currencies in cash), provided that it is explicitly noted in the transaction remarks that the funds are to be used for fighting the earthquake and carrying out relief work, or that a written explanation is provided by the organizations that have received the fund. Nevertheless, the funds shall not be deposited in accounts other than the foreign exchange accounts for receiving donations. Foreign exchange funds in the foreign exchange accounts of domestic institutions or personal accounts under the current account can be transferred directly to the foreign exchange donation accounts for fighting the quake and carrying out relief work. If there is a need to settle the exchange before remitting the relevant funds to the foreign exchange donation accounts, the existing policies on the administration of foreign exchange accounts under the current account as well as on the personal foreign exchange accounts shall be implemented. During the disaster relief period, domestic enterprises registered in Yushu Tibetan Autonomous Prefecture may, while receiving overseas foreign exchange donations for earthquake relief and post-disaster reconstruction for the affected enterprises, complete the procedures for account entry and settlement of the foreign exchange funds directly at the banks based on the validity of the application letters. With respect to overseas funds which are donated via domestic enterprises to domestic legally-established NGOs and are to be used for earthquake relief and post-disaster reconstruction in Yushu county, the domestic enterprises can proceed with the account entry formalities based on the validity of the donation agreement which specifies the purposes of the funds, and can transfer such funds to the relevant NGOs. The donated foreign exchange funds must be used for earthquake relief and post-disaster reconstruction work and conform to Chinese laws, regulations, and other relevant provisions. All donation recipients shall carefully keep proof of the expenditures of the foreign exchange donations for future inspection. 2. For the remittance of donations with the payee being domestic government departments or legally-established NGOs, the relevant procedures for the pre-settlement of exchange and remittances of funds can be handled by qualified overseas branches of the Bank of China, the Industrial and Commercial Bank of China, and the China Construction Bank. 3. During the period for fighting the earthquake and carrying out relief work, banks are allowed to make statistical declarations of the balance of payments (hereinafter referred to as the declaration) for the quake-fighting and relief funds remitted from overseas countries or regions that have been received by government departments and NGOs, such as the Ministry of Civil Affairs, the Head Office of the Red Cross Society of China, the China Charity Federation, the China Environmental Protection Foundation, the China Children and TeenagersFund, and the China Association for NGO Cooperation. The declaration banks shall transmit the relevant information in a timely manner to the local administrations of foreign exchange, and shall sign and keep in safety the declaration agreements with the aforementioned special entities prior to handling the relevant declarations. 4. The short-term external debt quotas shall be increased in an appropriate manner for Qinghai province in 2010. Chinese-funded enterprises within the jurisdiction of the Qinghai Provincial Government will be allowed to borrow short-term external debts within the ratified quotas. 5. After consultation with the China Foreign Exchange Trading System, it has been decided that all transactional terminal fees, transaction fees, and settlement fees arising from transactions on the inter-bank foreign exchange market for corporate financial institutions of Qinghai province will be exempted for the full amount for the year 2010. The foregoing temporary measures adopted during the period of fighting the earthquake and carrying out relief work shall remain in effect for one year. III. The SAFE branches shall, in compliance with overall planning, keep a close eye on the operational condition of the networks and foreign exchange business systems within their jurisdictions and enhance the monitoring of the networks and systems so as to ensure the stable operation of the networks and foreign exchange business systems as well as the smooth implementation of various business tasks. IV. The SAFE branches shall further enhance emergency duties and information submissions, carry out earnestly the 24-hour duty system, and ensure the smooth transmission of government orders. Information about fighting the earthquake and carrying out relief work shall be submitted uniformly to the General Affairs Department of the SAFE (duty room) and the relevant departments. V. The SAFE branches shall, in compliance with overall planning, carry out the Love Contribution donation activities in an orderly manner, vigorously support the post-disaster reconstruction of the quake-hit areas, fully carry forward the spirit of devoting collaborated efforts to assisting those suffering from disasters, and give strong support to reconstruction work through conscientious efforts. 2010-04-20/en/2010/0420/927.html
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The SAFE recently released revised data for China's 2009 Balance of Payments Statement. The statistics reveal that the current account and the capital and financial account continued to post a "twin surplus" in 2009. In 2009, China's surplus under the current account totaled USD 297.1 billion, a decrease of 32 percent compared with that of the previous year. Specifically, according to the statistical coverage of the balance of payments, the surpluses in goods, income, and current transfers reached USD 249.5 billion, USD 43.3 billion, and USD 33.7 billion, respectively, whereas the deficit in services amounted to USD 29.4 billion. In 2009, the surplus under the capital and financial account totaled USD 144.8 billion, a 6.64-fold increase over that in the previous year. In particular, net inflows of direct investments, portfolio investments, and other investments amounted to USD 34.3 billion, USD 38.7 billion, and USD 67.9 billion respectively. China's international reserves assets from transactions increased by USD 398.4 billion. Specifically, foreign exchange reserves assets registered a net increase of USD 382.1 billion (exclusive of the influence of the change in the value of non-transaction factors such as the exchange rates, prices, and so forth), whereas special drawing rights, the reserve position in the IMF, and monetary gold posted increases of USD 11.1 billion, USD 0.4 billion, and USD 4.9 billion respectively. Following the release of these data, in compliance with international conventions data on the foreign exchange reserves assets in Chinas Balance of Payments Statement will only record changes in transactions; changes in the value of the reserves assets due to non-transaction factors, such as exchange rates and prices, will be reflected in the International Investment Position. The SAFE has made retroactive adjustments to the data in the Balance of Payments Statements since 2003 according to the above specifications and is releasing them simultaneously with this statement (see the attachment). In addition, the BOP Analysis Team of the SAFE released China's Balance of Payments Report for 2009 in order to facilitate an understanding of the data and analysis of China's balance of payments among all groups in the society. China's Balance of Payments Statement 2009 Unit: USD 100 million Items # Balance Credit Debit I. Current Account 1 2,971 14,846 11,874 A. Goods and Services 2 2,201 13,333 11,132 a. Goods 3 2,495 12,038 9,543 b. Services 4 -294 1,295 1,589 1.Transportation 5 -230 236 466 2.Travel 6 -40 397 437 3.Communications Services 7 0 12 12 4.Construction Services 8 36 95 59 5.Insurance Services 9 -97 16 113 6.Financial Services 10 -3 4 7 7.Computer and Information Services 11 33 65 32 8.Royalties and Licensing Fees 12 -106 4 111 9.Consulting Services 13 52 186 134 10.Advertising and Public Opinion Polling 14 4 23 20 11.Audio-visual and Related Services 15 -2 1 3 12. Other Business Services 16 59 247 188 13. Government Services, n.i.e. 17 1 9 8 B. Income 18 433 1,086 653 1.Employee Compensation 19 72 92 21 2.Investment Income 20 361 994 632 C. Current Transfers 21 337 426 89 1.General Government 22 -2 0 3 2.Other Sectors 23 340 426 86 II. Capital and Financial Account 24 1,448 7,464 6,016 A. Capital Account 25 40 42 2 B. Financial Account 26 1,409 7,422 6,014 1. Direct Investment 27 343 1,142 799 1.1 Abroad 28 -439 42 481 1.2 In China 29 782 1,100 318 2. Portfolio Investment 30 387 981 594 2.1 Assets 31 99 669 570 2.1.1 Equity Securities 32 -338 122 461 2.1.2 Debt Securities 33 437 547 110 2.1.2.1 Bonds and Notes 34 370 479 110 2.1.2.2 Money Market Instruments 35 67 68 0 2.2 Liabilities 36 288 312 24 2.2.1 Equity Securities 37 282 288 7 2.2.2 Debt Securities 38 6 23 17 2.2.2.1 Bonds and Notes 39 6 23 17 2.2.2.2 Money Market Instruments 40 0 0 0 3. Other Investment 41 679 5,299 4,620 3.1 Assets 42 94 1,174 1,080 3.1.1 Trade Credits 43 -544 0 544 Long-term 44 -38 0 38 Short-term 45 -506 0 506 3.1.2 Loans 46 130 450 320 Long-term 47 -315 0 315 Short-term 48 445 450 5 3.1.3 Currency and Deposits 49 52 267 216 3.1.4 Other Assets 50 456 457 1 Long-term 51 0 0 0 Short-term 52 456 457 1 3.2 Liabilities 53 585 4,125 3,540 3.2.1 Trade Credits 54 321 321 0 Long-term 55 22 22 0 Short-term 56 298 298 0 3.2.2 Loans 57 37 3,222 3,185 Long-term 58 -97 135 232 Short-term 59 134 3,087 2,953 3.2.3 Currency and Deposits 60 116 456 340 3.2.4 Other Liabilities 61 111 126 15 Long-term 62 110 110 0 Short-term 63 1 16 15 III. Reserves Assets 64 -3,984 0 3,984 3.1 Monetary Gold 65 -49 0 49 3.2 Special Drawing Rights 66 -111 0 111 3.3 Reserves Position in the Fund 67 -4 0 4 3.4 Foreign Exchange 68 -3,821 0 3,821 3.5 Other Claims 69 0 0 0 IV. Net Errors and Omissions 70 -435 0 435 1. This statement employs rounded-off numbers. 2. After this release, according to international convention, the SAFE has made adjustments to the methods for recording the reserves assets, i.e., only changes in reserves assets due to transactions will be recorded in the balance of payments statement, which will be exclusive of changes in the value of reserves assets due to non-transaction factors such as exchange rates and prices. 2010-04-19/en/2010/0419/926.html
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At the end of 2009, China's outstanding external debt (excluding that of Hong Kong SAR, Macao SAR, and Taiwan Province) reached USD 428.647 billion, of which the outstanding registered external debt was USD 266.947 billion and the balance of trade credit was USD 161.7 billion.Note According to comparable specifications, the outstanding long- and medium-term external debt (with the remaining term) was USD 169.388 billion, accounting for 39.52 percent of the total outstanding external debt. The outstanding short-term external debt (with the remaining term) was USD 259.259 billion, accounting for 60.48 percent of the outstanding external debt. In terms of China's outstanding short-term external debt, the balance of trade credit was USD 161.7 billion. The outstanding registered short-term external debt (with the remaining term) was USD 97.559 billion, accounting for 37.63 percent of the outstanding short-term external debt and 22.76 percent of the total outstanding external debt. Of the outstanding registered external debt of USD 266.947 billion, the outstanding sovereign debt borrowed by ministries under the State Council totaled USD 36.855 billion, accounting for 13.81 percent; the outstanding debt of Chinese-funded financial institutions was USD 94.079 billion, accounting for 35.24 percent; the outstanding debt of foreign-funded enterprises was USD 93.181 billion, accounting for 34.91 percent; the outstanding debt of foreign-funded financial institutions in China was USD 38.34 billion, accounting for 14.36 percent; the outstanding debt of Chinese-funded enterprises was USD 4.184 billion, accounting for 1.57 percent; and the outstanding debt of other institutions was USD 308 million, accounting for 0.11 percent. The amount of long- and medium-term external debt in 2009 was USD 22.445 billion, a decrease of USD 13.862 billion or 38.18 percent from that during the previous year. The principal repayment of long- and medium-term external debt was USD 34.186 billion, an increase of USD 10.895 billion, or 46.78 percent over that in the previous year. The interest payment of long- and medium-term external debt was USD 3629 million, a decrease of USD 525 million or 12.64 percent from that in the previous year. In 2009, in terms of types of debt, international commercial loans constituted the majority of Chinas external debt. The balance of international commercial loans amounted to USD 198.649 billion at year-end 2009, accounting for 74.42 percent of the outstanding registered external debt; the balance of foreign government loans and loans granted by international financial organizations amounted to USD 68.298 billion, accounting for 25.58 percent of the outstanding registered external debt. In terms of the currency structure, debt in U.S. dollars constituted the majority of Chinas external debt in 2009. Of the total registered external debt at year-end 2009, debt in U.S. dollars accounted for 67.76 percent, debt in Japanese yen accounted for 11.89 percent, and debt in Euro was 6.38 percent; other debts, including SDRs and Hong Kong dollars, accounted for 13.97 percent of the total. The medium- and long-term debt was mainly absorbed by the manufacturing sector and the construction of infrastructure such as communications and transportation sector, warehousing, postal-service facilities, and so on. According to the industrial classifications of the national economy, of the USD 188.138 billion of outstanding registered medium- and long-term external debt (based on contract terms), USD 39.082 billion was channeled to the manufacturing sector, accounting for 20.77 percent of the total; USD 23.783 billion was absorbed by the communications and transportation sector, the warehousing sector, and the postal-service sector, accounting for 12.64 percent of the total; USD 16.564 billion went to the production and supply of electric power, coal, gas, and water, accounting for 8.80 percent; USD 12.231 billion was absorbed by the information technology services sector, accounting for 6.50 percent; and USD 11.825 billion was channeled to the real estate sector, accounting for 6.29 percent. Initial calculations reveal that the debt service ratio in 2009 was 2.87 percent, the ratio of outstanding external debt to foreign exchange income was 32.16 percent, the ratio of outstanding external debt to GDP was 8.73 percent, and the ratio of short-term external debt to foreign exchange reserves was 10.81 percent. All of these indicators are within the safe range of international standards. Note Adjustments have been made to the sampling survey method for trade credit in 2009. According to the new method, the balance of trade credit at year-end 2009 was USD 161.7 billion. To ensure data comparability, the balance of trade credit at year-end 2008 was adjusted to USD 129.6 billion (the pre-adjustment amount was USD 114.1 billion). 2010-04-06/en/2010/0406/925.html
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In order to harshly crack down on the inflow of "hot money" and other abnormal cross-border funds, as well as to preserve the economic and financial security of the nation, since February 2010 the SAFE has launched a special campaign in 13 provinces (municipalities) with a relatively large volume of foreign exchange business to deal with and combat the inflow of "hot money." Well-targeted efforts were made to investigate and punish the inflow of "hot money" by major entities through the main channels. So far the current phase of the work, i.e., field inspections, has wrapped up by following a specified plan of action. A number of typical cases and entities involved in illegal foreign exchange activities have been uncovered and confirmed, with satisfactory results reached for the current phase of the special campaign. During the special campaign, 3.47 million cases of cross-border foreign exchange transactions were examined through off-site inspections, involving a total of more than USD440 billion. So far 190 cases suspected of having violated foreign exchange regulations have been confirmed, involving a total amount of USD7.35 billion. Among these cases, 6 cases, involving more that USD27 million, have been closed. A number of other clues still need to be followed. Efforts have been made to further improve the inspection methods. In the off-site inspections during the early stage of the campaign in particular, comparison and analysis of supervisory data were conducted using electronic approaches to obtain relevant clues before further verifications were conducted in a well-targeted manner, thus ensuring smooth operations of trade and investment activities by most exchange-related entities. It is preliminarily indicated by the data obtained from the special campaign that cross-border capital flows and foreign exchange receipts and payments are on the whole legitimate and in compliance with the relevant regulations, and no massive and intentional inflow of "hot money" has been discovered. Much of the inflow of "hot money" in breach of the regulations tends to be disguised by many smaller deals characterized by multiple channels and gradual infiltration. The major channels mainly involve traditional fields of trade and investment, such as trade, trade in services, foreign direct investment, banking, and individual transactions. It was discovered that a few commercial banks fail to strictly abide by the relevant regulations, and in some cases even accommodate the operating entities to evade foreign exchange supervision. In terms of the fields to which the "hot money" is headed, some hot money becomes involved in financing activities beyond the scope of business, and some flows into lucrative fields such as the real estate sector either directly or in a roundabout manner. With regard to the next stage of the work, the SAFE will continue to inspect relevant clues for cases. Meanwhile, concentrated efforts will be made to ascertain cases in breach of the regulations, and to settle these cases in accordance with the law. As to new developments and problems surfacing during the inspections, proactive efforts will be made to enhance coordination with relevant departments so as to bring a supervisory synergy into full play and to enhance the relevance and effectiveness of the battle against the inflow of "hot money". 2010-05-25/en/2010/0525/931.html
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Recently, Yi Gang, deputy governor of the People's Bank of China (PBOC) and administrator of the State Administration of Foreign Exchange (SAFE), conducted a field survey in Zhongguancun with his entourage. Zhao Fengtong, member of the Standing Committee of the Beijing Municipal Party Committee, Liu Zhi, deputy secretary general of the Beijing Municipal Government, and Wang Hong, director- general of the Financial Work Bureau of Beijing Municipality, participated in the survey. Yi Gang conducted the field survey in some enterprises in Zhongguancun and held informal discussions with relevant persons-in-change from the Zhongguancun Management Committee and representatives from Zhongguancun enterprises. Guo Hong, director of the Zhongguancun Management Committee, presented an overview of progress in constructing a national independent innovation demonstration zone in Zhongguancun, and proposed policy recommendations on foreign exchange administration, based on the development situation in Zhongguancun. In 2009, the State Council approved construction of a national independent innovation demonstration zone in Zhongguancun, said Zhao Fengtong. Meanwhile, a number of pilot policy measures were specified for Zhongguancun's development in terms of equity incentives, technological and financial innovations, and so forth. The development of Zhongguancun has received vigorous support from the foreign exchange administration departments for a long time. It is hoped that Zhongguancun will continue to serve as a test field site for foreign exchange administration to support innovative development, and will be allowed to carry out trial operations in the area of foreign exchange administration so as to effectively explore its demonstrative role for other regions nationwide. Yi Gang expressed congratulations to the Zhongguancun Management Committee for the impressive achievements made in Zhongguancun. He pointed out that armed with effective mechanisms, efficient systems, a tremendous talent pool, and technological advantages Zhongguancun will be able to serve as an important source for national development and innovation. The foreign exchange administration departments will continue to provide vigorous support to Zhongguancun. Yi Gang gave a briefing on the current foreign exchange situation and said that the SAFE will earnestly investigate problems raised by enterprises during this survey and will provide differentiated solutions to address the various issues. In addition to safeguarding the security of the macro-economy and the financial stability of the nation, said the Administrator, based on the actual needs of economic development, the SAFE will constantly reform its mechanisms and systems, innovate administration methods, improve administration approaches, make great efforts to promote the facilitation of trade and investment, and play a greater role to meet the needs of national economic development. 2010-06-01/en/2010/0601/932.html
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Recently, the SAFE released Preliminary Data on China's Balance of Payments Statement for the First Quarter of 2010. This is the first time that the Chinese government has released quarterly data on the balance of payments (BOP). In Q1 of 2010 the current account and the capital and financial account posted a "twin surplus" and international reserves maintained a growing momentum. In Q1 of 2010, China's surplus under the current account totaled USD40.9 billion, a decrease of 48 percent year on year. Specifically, according to the statistical coverage of the balance of payments, the surpluses in goods, income, and current transfers reached USD29.4 billion, USD21.3 billion, and USD8.3 billion, respectively, whereas the deficit in trade in services amounted to USD18 billion. Meanwhile, China's surplus under the capital and financial account (including net errors and omissions) totaled USD55 billion in Q1 of 2010. Specifically, net inflows of foreign exchange by foreign direct investments amounted to USD17.5 billion. China's international reserves assets posted a change of USD96 billion, a rise of 46 percent year on year as calculated on a comparable basis. Specifically, transactions in foreign exchange reserve assets registered a change of USD95.9 billion (exclusive of the influence by non-transaction value-change factors such as exchange rates and prices), and special drawing rights posted an increase of USD100 million. The release of quarterly data on the BOP is of great significance to enhance the statistical transparency of the BOP and to reflect in a more time manner Chinas state of foreign-related economic development. Balance of Payments1 (Preliminary Data) Q1 of 2010 Unit: 100 million US dollars Items # Amount I. Current Account 1 409 A. Goods and Services 2 113 a. Goods 3 294 Credit 4 3,160 Debit 5 2,866 b. Services 6 -180 B. Income 7 213 C. Current Transfers 8 83 II. Capital and Financial Account2 9 550 Incl.: Direct investment 10 175 III. Reserves Assets 11 -960 3.1 Monetary Gold 12 0 3.2 Special Drawing Rights 13 -1 3.3 Reserves Position in the Fund 14 0 3.4 Foreign Exchange 15 -959 3.5 Other Claims 16 0 Notes: 1. This statement employs rounded-off numbers. 2. The data under the capital and financial accounts in this statement is the balance between Current Account Balance and the amount of change in reserve assets. 2010-05-14/en/2010/0514/930.html
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For the purpose of further encouraging business innovation in banks as well as facilitating individual foreign exchange settlement and sales, the State Administration of Foreign Exchange (SAFE) recently approved that three commercial banks, i.e., the Bank of China, the China Merchants Bank, and the Industrial and Commercial Bank of China, will conduct pilot operations for individual foreign exchange settlement and sales business through e-banking. The Measures for Individual Foreign Exchange Administration and the detailed rules which took effect in February 2007 allow individuals to carry out foreign exchange purchase and settlement businesses within their yearly quota at bank counters by presenting their valid identity documents. Such pilot operations for individual foreign exchange settlement and sales business via e-banking will provide individuals with more efficient and convenient channels to handle the relevant businesses. Domestic individuals are allowed to conduct non-operational foreign exchange settlement and sales business under the current account within their yearly quota via e-banking or via self-service terminals after opening an account at the pilot banks by presenting their valid resident identification cards of the Peoples Republic of China. This will increase the banksefficiency in handling business and help ease pressures at bank counters and reduce bank costs. By using the data information-sharing mechanism that connects the e-banking system with the Management Information System for Foreign Exchange Settlement and Sales by Individuals, relevant information about foreign exchange purchases and settlement by domestic individuals in the e-banking system will be transmitted automatically in a real-time manner to the Management Information System for Foreign Exchange Settlement and Sales by Individuals, and will be incorporated into the management of the yearly quota of foreign exchange settlement and sales by individuals. The SAFE will closely track and monitor the status of the pilot operations, sum up the experiences from the pilot operations, guard against inflows and outflows of abnormal foreign exchange funds via individual e-banking channels, and continue to maintain a standardized and orderly foreign exchange market. 2010-04-23/en/2010/0423/928.html
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With a view to further streamlining the procedures for administrative examination and approval and promoting the facilitation of trade and investment, the State Administration of Foreign Exchange (SAFE) recently issued the Circular of the State Administration of Foreign Exchange on Adjusting the Approval Authority for Certain Foreign Exchange Businesses under the Capital Account (Huifa [2010], hereinafter referred to as the Circular), which shall come into force as of July 1, 2010. Ten concrete measures aiming to streamline the procedures for administrative examination and approval are proposed in the Circular, among which the approval authority for three types of business are delegated by the SAFE to its branches; four types of business by branches are delegated to central sub-branches (or sub-branches); and two other types of business will be dealt with directly by the banks with clarification of the relevant operating rules instead of by the foreign exchange administration. In addition, the Circular simplifies the materials required of some businesses for review purposes. According to the Circular, the SAFE branches at all levels and the banks shall improve their internal control management systems, intensify staff training, strictly abide by the documents and operating instructions for the administration of foreign exchange businesses under the capital account, and fulfill the reporting procedures in line with the relevant regulations. The delegation of administrative approval authority and simplification of the documentation to be reviewed will help reduce the business costs for enterprises and increase their efficiency, which will also be conducive to clarifying the duties and responsibilities of the SAFE branches at all levels so as to achieve more efficient management. In parallel with streamlining the ex-ante examination and approval procedures, the SAFE branches will also intensify the post-facto oversight and inspections in the relevant areas, improve statistics and monitoring, and facilitate the carrying out of relevant businesses. 2010-06-08/en/2010/0608/933.html
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国家外汇管理局各省、自治区、直辖市分局、外汇管理部，深圳、大连、青岛、厦门、宁波市分局，全国性中资银行： 为适应银行业务发展，规范境内银行涉外及境内收付凭证的管理，国家外汇管理局修订发布《境内银行涉外及境内收付凭证管理规定》（见附件），主要修订内容为：一是取消对涉外及境内收付凭证印制纸张材质及颜色的要求，二是明确对境内银行电子凭证申报的要求，三是微调境内银行涉外及境内收付凭证的要素名称与填报说明，四是境内银行可根据自身业务对涉外及境内收付凭证的内容和格式进行适当调整。 国家外汇管理局各分局、外汇管理部应在收到本通知后，及时转发辖内中心支局、支局、城市商业银行、农村商业银行、外商独资银行、中外合资银行、外国银行分行以及农村合作金融机构，各全国性中资银行应及时转发所辖分支机构，并遵照执行。执行中如遇问题，请及时向国家外汇管理局反馈。 特此通知。 国际收支司联系电话：010-68402489 经常项目管理司联系电话：010-68402450 资本项目管理司联系电话：010-68402366 外汇业务数据监测中心（科技司）联系电话：010-68402523 附件：境内银行涉外及境内收付凭证管理规定 国家外汇管理局 2020年10月23日 附件 境内银行涉外及境内收付凭证管理规定 第一章 总则 第一条 为加强涉外资金流动统计监测，规范境内银行涉外及境内收付凭证的管理，根据《中华人民共和国外汇管理条例》《国际收支统计申报办法》制定本规定。 第二条 境内银行涉外收付凭证包括《境外汇款申请书》《对外付款／承兑通知书》和《涉外收入申报单》，境内收付凭证包括《境内汇款申请书》《境内付款／承兑通知书》和《境内收入申报单》。 第三条 境内银行的会计以及业务系统相关信息应与涉外及境内收付凭证所包含的信息保持一致。 第二章 涉外收付凭证管理 第四条 通过境内银行发生涉外付款或涉外收入的非银行机构和个人（以下简称申报主体），应根据具体业务填报《境外汇款申请书》《对外付款／承兑通知书》或《涉外收入申报单》。涉外付款和涉外收入的范围及涉外收付凭证的填报要求按照《国家外汇管理局关于印发<通过银行进行国际收支统计申报业务实施细则>的通知》（汇发〔2020〕16号，以下简称《实施细则》）及配套业务指引的有关规定执行。 第五条 《境外汇款申请书》和《对外付款/承兑通知书》是申报主体通过境内银行办理涉外付款业务、国际收支统计申报的必要凭证，及办理经常和资本项目相关业务的重要凭证。 第六条 申报主体以汇款或内部转账方式通过境内银行办理涉外付款业务时，应当填报《境外汇款申请书》；以信用证、托收、保函等方式通过境内银行办理涉外付款业务时，应当填报《对外付款／承兑通知书》。 第七条 《涉外收入申报单》是申报主体通过境内银行收到涉外收入款项时办理国际收支统计申报的必要凭证，及办理经常和资本项目相关业务的重要凭证。 第八条 申报主体可通过境内银行填写涉外收付纸质凭证或者通过境内银行提供的电子凭证办理国际收支统计申报，也可通过“数字外管”平台互联网版办理涉外收入网上申报。凡为申报主体提供电子凭证方式办理涉外收付款业务的境内银行，应按照《实施细则》要求及本规定所确立的原则设置和管理涉外收付款业务的电子凭证界面及填报格式。使用电子凭证或通过“数字外管”平台互联网版进行国际收支统计申报，无需使用或打印留存涉外收付纸质凭证。境内银行及申报主体需妥善保管相关电子数据信息至少24个月。 第三章 境内收付凭证管理 第九条 境内非银行机构和个人之间通过境内银行办理的外汇和部分人民币付款或收款，应填报《境内汇款申请书》《境内付款／承兑通知书》或《境内收入申报单》。具体的收付款申报范围及填报方法按照《国家外汇管理局关于发布<金融机构外汇业务数据采集规范（1.2版）>的通知》（汇发〔2019〕1号）等有关规定执行。 第十条 《境内汇款申请书》和《境内付款／承兑通知书》是境内非银行机构和个人分别以汇款方式和以信用证、托收、保函等方式通过境内银行办理上述第九条所涉境内付款业务的必要凭证。《境内收入申报单》是境内非银行机构和个人通过境内银行办理上述第九条所涉境内收入款项业务的必要凭证。 第十一条境内银行、境内非银行机构和个人可比照本规定第八条提供或使用境内收付纸质凭证、电子凭证和“数字外管”平台互联网版，并妥善保管相关信息。 第四章 凭证印制 第十二条国家外汇管理局负责境内银行涉外及境内收付凭证标准内容和格式（《境内银行涉外及境内收付凭证标准样式》，见附1）的制定和修改。 第十三条境内银行应按照《境内银行涉外及境内收付凭证印制要求及说明》（见附2）印制相关的境内银行涉外及境内收付凭证，并提供给申报主体和办理相关境内收付款业务的境内非银行机构和个人使用。境内银行在参考国家外汇管理局关于涉外及境内收付凭证的标准样式，并确保涉外及境内收付基础信息、申报信息和管理信息完整的前提下，为适应业务发展和有关监管机构的要求，可适当调整凭证的内容和格式，同时应尽可能保持客户跨行办理业务的便利性。 第十四条境内银行可根据自身业务需要，在涉外及境内收付凭证的规定联数后适当增加联次。银行自行增加的联次应与规定的纸张大小保持一致，增加联次的式样、条款内容、字体等应与前面联次一致。 第十五条境内银行可在收付凭证的规定位置加印银行自身标识。该标识应与收付凭证的印制风格保持协调。 第十六条境内银行全行系统内应使用统一格式的境内银行涉外及境内收付凭证，各银行总行应加强对系统内收付凭证的管理。 第五章 凭证备案 第十七条境内银行按本规定制定的境内银行涉外及境内收付纸质或电子凭证应于制定完成之日起三十日内向国家外汇管理局或其分支局（以下简称外汇局）备案。如后续发生调整，银行应于调整完成之日起三十日内向外汇局备案。对于银行制定的涉外及境内收付凭证不符合本规定要求的，外汇局有权责成其改正。银行应及时按要求对相关收付凭证进行改正，并将改正后的收付凭证于改正完成之日起三十日内报外汇局备案。 第十八条全国性中资银行应由其总行将涉外及境内收付凭证向国家外汇管理局备案，其分支行无需再向所在地国家外汇管理局分支局、外汇管理部（以下简称所在地外汇局）进行备案。 第十九条城市商业银行、农村商业银行、农村合作金融机构等地方性银行以及外资银行（外商独资银行、中外合资银行、外国银行分行）应由其法人或外国银行分行境内牵头行将其涉外及境内收付凭证向所在地外汇局备案。 第二十条境内银行所在地外汇局负责对辖内银行备案的涉外及境内收付凭证进行存档，无需再报送至国家外汇管理局。 第二十一条国家外汇管理局各分局、外汇管理部应于每月初五个工作日内汇总辖内上月新增或调整的境内银行总行凭证备案情况，填写《境内银行凭证备案情况表》（见附3），并逐级报送至国家外汇管理局国际收支司，无新增或调整情况不需要报送。 第六章 附则 第二十二条对于违反本规定的行为，由外汇局根据《中华人民共和国外汇管理条例》《国际收支统计申报办法》等法规进行处罚。 第二十三条本规定由国家外汇管理局负责解释和组织实施。 第二十四条本规定自发布之日起施行，境内银行已印制的涉外及境内收付凭证可继续使用。《国家外汇管理局关于印发〈境内银行涉外收付凭证管理规定〉的通知》（汇发〔2014〕19号）同时废止。 附1：境内银行涉外及境内收付凭证标准样式 附2：境内银行涉外及境内收付凭证印制要求及说明 附3：境内银行凭证备案情况表 2020-11-30/xiamen/2020/1130/1614.html