China Reforms Foreign Exchange Administrative Policies

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Last updated at: (Beijing Time) Friday, September 27, 2002

China Reforms Foreign Exchange Administrative Policies

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The China State Administration of Foreign Exchange (SAFE) announced Friday that it has reformed the administrative policies governing the current accounts in foreign exchange (forex) and the new policies will be put into effect as of October 15.

The latest move aims to fit in with the administrative changes required by the World Trade Organization (WTO), according to a SAFE spokesman. It will also make enterprise management easier, create fair competition for both Chinese and overseas-funded firms, and promote China's foreign trade development.

The reformed policies have simplified the requirements for opening of forex accounts and made these the same for both Chinese and overseas-funded enterprises.

At the same time, a nationwide information system for the administration of forex accounts is being adopted to improve the electronic level of forex administration.

The spokesman said the new policies will undoubtedly benefit all parties in terms of lowering costs and improving efficiency.

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