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China to remove forex quota on outbound investment
www.chinanews.cn 2006-06-09 15:30:05
Chinanews, Beijing, June 9 (By Wei Xi) - The State Administration of
Foreign Exchange (SAFE) adjusted part of its foreign exchange management
policy on outbound investment on the 8th, and the new regulation will
remove foreign exchange quota on outbound investment.
In recent years, SAFE has gradually loosened foreign exchange
restrictions on outbound investment and issued a series of regulations to
remove risk assessment on outbound investment, abolished the system that
domestic investors must put down a guarantee deposit that they will remit
their profit back to China on their outbound investment, carried out
experimental foreign exchange management reform on outbound investment
and give pilot regions certain foreign exchange quota to allow local
enterprises with offshore investment to use their profit for additional
investment or reinvestment overseas, and allowed enterprises to purchase
foreign exchange or use foreign exchange loans from domestic banks for
outbound investment.
Besides removing foreign exchange quotas on outbound investment starting
July 1st, this policy adjustment also allows investors in China to make
advance foreign exchange remittances upon approval of relevant
authorities if they need to pay for expenditures related to their
offshore investment.
Relevant SAFE official said this adjustment aims to consummate support
policies to encourage outbound investment, facilitate investors in China
to carry out direct offshore investment and transnational operations, and
promote effective implementation of China's outbound investment
industrial policy.
SAFE also stressed that outbound investment must accord with China's
industrial policy and obtain the approval of relevant authorities. At the
same time, SAFE will strengthen examination and appraisal, statistics and
monitoring on foreign exchange purchases and payment of outbound
investment to prevent and control offshore risks while facilitating
outbound investment.
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