SAFE Recently Adjusted Examination and Approval Right for Foreign Exchange Businesses on Part of Capital Projects
[2010-07-02 13:01:16]
For the purpose of further simplifying the procedures of administrative approval and promoting the investment and trade facilitation, the State Administration of Foreign Exchange (SAFE) recently released a circular to adjust the examination and approval right for foreign exchange businesses on part of capital projects.
SAFE recently issued the Circular of the State Administration of Foreign Exchange on Adjusting the Examination and Approval Right for Foreign Exchange Businesses on Part of Capital Projects, which shall come into effect as of July 1, 2010.
The Circular raises 10 specific measures to simplify administrative approval, requiring that foreign exchange bureaus and banks at all levels should perfect the corresponding internal-control governance system, enhance the personnel training, strictly execute the provisions related to the management on foreign exchange business on capital projects and handling procedures and perform the formalities of report for filing in accordance with related provisions.
Source: Xinhua
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