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- Index number:
- 000014453-2019-0163
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- Dispatch date:
- 2010-06-08
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- Publish organization:
- State Administration of Foreign Exchange
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- Exchange Reference number：
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- Name：
- Further Streamlining the Procedures for Administrative Examination and Approval and Promoting the Facilitation of Trade and Investment
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.