Tag Archives: The State Administration of Foreign Exchange

China’s Latest Laws and Regulations in May 2013

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I.  The State Administration of Foreign Exchange Has Issued various new regulations such as the Measures for the Administration of Foreign Exchange in Areas under Special Customs Supervision, Measures for the Administration of Registration of Foreign Debts and Measures for the Administration of Foreign Exchange of Direct Investment inside China by Foreign Investors.

In May 2013, the State Administration of Foreign Exchange issued a series of measures to regulate foreign exchange, including the Measures for the Administration of Foreign Exchange in Areas under Special Customs Supervision, Measures for the Administration of Registration of Foreign Debts, and Measures for the Administration of Foreign Exchange of Direct Investment within China by Foreign Investors. Meanwhile, the List of Regulations for the Administration of Foreign Exchange of Direct Investment within China to be Abolished and the Guidance of Operation of Business of Direct Investment within China were also issued at the same time. The new measures and regulations simplify and integrate the procedures related with foreign investment.

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China’s Latest Laws and Regulations in November of 2012, I

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I. The Ministry of Commerce has Issued the Interim Provisions of the Ministry of Commerce on Equity Contributions Involving Foreign-funded Enterprises

On October 24, 2012, the Ministry of Commerce published the Interim Provisions of the Ministry of Commerce on Equity Contributions Involving Foreign-funded Enterprises (“Interim Provisions”), which came into effect on October 22, 2012. The Interim Provisions apply to the formation and modification of foreign-funded enterprises by domestic and foreign investors that hold equity in domestic enterprises as capital contributions. The conditions for equity contributions, procedures for application for approval, and so forth are explicitly defined in the Interim Provisions.

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The Latest Laws and Regulations of July, I

I.  From 1st of August, 2012, Export Enterprises won’t be Required to Go through the Formalities of Collection, Verification, Writing-off of Export Proceeds in Foreign Exchange

The State Administration of Foreign Exchange, the General Administration of Customs and the State Administration of Taxation jointly issued the Announcement on Reform concerning to Foreign Exchange Administration System of Goods Trade, and the reform will be implemented nationally on 1st of August, 2012. Reportedly, from 1st of December, 2012, the reform has been piloted in 7 provinces such as Jiangsu, Shandong, etc.. The reform covers the administration method including the cancellation of paper of collection, verification and writing-off of export proceeds, no need to go through the formalities of collection, verification and writing-off of export proceeds; implementation of dynamic sort management referring to classifying the enterprises into 3 sorts according to the compliance and the consistency of export and import of goods; and adjustment to declaration process for export, etc.. Meanwhile, the State Administration of Foreign Exchange has delivered new laws and regulations for administration of foreign exchange of goods trade to the local departments of foreign exchange and banks authorized to deal with foreign exchanges, accordingly the old documents are abolished.

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Latest China Laws and Regulations in June, I

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I. The Supreme People’s Court Issued the Judicial Interpretation on the Issue concerning the Application of Law in the Trial of Disputes Arising from Purchase and Sale Contracts

On 6th June,2012, the Supreme People’s Court published the Interpretation of Supreme People’s Court on the Issue concerning the Application of Law in the trial of Dispute Arising from Purchase and Sale Contract ( the “ Judicial Interpretation”), which becomes a remarkable interpretation on the issues concerning purchase and sale contracts after the promulgation of Property Law. The Judicial Interpretation is consisted of 46 articles, completely covering the conclusion and validity of a purchase and sale contract, the delivery and transfer of title, risk bearing, inspection of objectives, liability for breach, retention of title and so on. The Judicial Interpretation will come into force on 1st July, 2012, and it will be applied to the cases that haven’t been finally sentenced when the Judicial Interpretation executes, however, it shall not be applied in the case that has been sentenced before the implementation of the Judicial Interpretation but the retrial is initiated.

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