Cleaning Up Regulations And Documents To Facilitate Trade And Investment Facilitation

Recently, the State Administration of foreign exchange issued the Circular of the State Administration of foreign exchange on announcing the 34 normative documents on foreign exchange management, which are repealed and invalidated (hereinafter referred to as the notice), announcing the abolition and invalidation of 34 regulatory documents on foreign exchange management, of which 18 were abolished and 16 were declared invalid. Relevant persons in charge of the State Administration of foreign exchange answered questions from reporters.

Reporter: what is the background and significance of cleaning up laws and regulations?

Answer: This time The liquidation is to implement the requirements of the Central Committee and the State Council for decentralization and administration according to law. In accordance with the opinions of the State Council on strengthening the construction of the rule of law, the existing effective regulations on foreign exchange administration are centralized. According to the opinions of the State Council on strengthening the construction of the rule of law, normative documents are usually cleaned up every two years, and the results of cleaning up should be announced to the public.

In recent years, the State Administration of foreign exchange has announced that more than 700 normative documents have been abolished and invalid, with a reduction of more than 60%. Regularly carry out regulations cleaning, one is to improve transparency of foreign exchange management policy, to facilitate public understanding of foreign exchange management regulations, to facilitate trade and investment facilitation; the two is to establish a clear and concise regulatory framework for foreign exchange management, to promote the transformation of government functions and perform regulatory duties according to law.

Reporter: what is the focus of this law?

Answer: this time Clear The focus of the work is to solve the problems of uncoordinated and inaccurate application of normative documents, including: the contents of relevant management have been replaced by subsequent provisions, resulting in inconsistent provisions before and after; the relevant management contents can not meet the needs of the new situation and are not conducive to the transformation of government functions; the relevant provisions have passed or the adjusted objects have disappeared.

Reporter: what regulations have been cleared up this time?

Answer: the abolished and declared invalid normative documents are divided into seven categories according to specific business:

First, there are 5 comprehensive provisions. It involves off-site supervision of foreign exchange and receipts and payments, declaration and verification of balance of payments for cash settlement, strengthening emergency management of foreign exchange business, and regulations on foreign exchange management for earthquake relief in Ya'an, Sichuan province.

Two, there are 2 regulations on foreign exchange management of current account. It involves Renminbi denominated pricing in domestic foreign trade, insurance companies' payment on behalf of pads, and foreign exchange management.

Three is capital There are 9 regulations for foreign exchange management. It involves foreign currency processing and assembly projects, foreign exchange management procedures for foreign aid projects, foreign exchange management for foreign fixed investment projects, foreign debt management of domestic and foreign banks, registration of foreign debts by foreign real estate enterprises, foreign loans from foreign multinationals in Pudong New Area, balance index of financing external guarantee, and remittance of foreign investment enterprises' foreign exchange earnings.

Four, there are 10 regulatory requirements for foreign exchange business of financial institutions. It involves the trust company's purchase of foreign exchange to replenish capital, personal foreign exchange remittance, remittance in the mainland, statistics on the use of Renminbi cards in Hongkong, the management of special funds for bank's foreign exchange and sale business, the limit of banknote issued by overseas Chinese teller machines, the contents and grading standards of banks' implementation of foreign exchange management regulations.

Five, there are 3 provisions in the RMB exchange rate and the foreign exchange market. It involves the Russian ruble exchange, the listing of Korean won, the listing of the exchange rate, daily report and so on.

Six, there are 2 regulations on balance of payments and foreign exchange statistics. Foreign banks are involved in reforming the balance of payments declaration, trade credit survey, etc.

The seven is foreign exchange inspection and regulations applicable provisions 3. It involves the handling of illegal foreign exchange futures trading institutions, the settlement of foreign capital enterprises' capital settlement and the repayment of Renminbi loans.

Reporter: for the business of cleaning up the laws and regulations, how to deal with it?

Answer: 18 pieces of regulations that have been abolished have been replaced by the following regulations, and they can be carried out according to the relevant regulations; the 16 regulations that have been declared invalid have passed or the adjusted objects have disappeared, and there is no need to continue to implement them. Among them, the notice of the State Administration of foreign exchange on some issues concerning the trial exchange of individual foreign exchange by foreign banks and the two circular of the State Administration of foreign exchange on further improving the bank's attempt to handle personal foreign exchange remittance and remittance transactions has abolished the administrative approval of the market access for individual foreign exchange remittance and remittance business, but the business form of the pre settlement business can still be retained. Banks may decide whether to start the business according to the market conditions according to the relevant provisions of individual foreign exchange management.

Reporter: what are the next arrangements for the work of the State Administration of foreign exchange?

A: next, the State Administration of foreign exchange will continue to implement laws and regulations to clean up a long-term mechanism to facilitate banks, enterprises and individuals to understand and use foreign exchange management laws and regulations, promote administration of foreign exchange administration according to law, and facilitate trade and investment facilitation. First, continue to thoroughly clean up the provisions of foreign exchange management, strive to form a new batch of clean up results as soon as possible; the two is to promote the reform of foreign exchange management and the transformation of management mode. Adhere to the overall promotion and key breakthroughs, and strengthen the top-level design of the overall scheme of foreign exchange management reform, with the aim of decentralization and decentralization as the leading force, build a new foreign exchange management structure to meet the needs of trade and investment facilitation; and the three is to update the list of major laws and regulations governing effective foreign exchange management. The State Administration of foreign exchange will update and publish new catalogues before the end of 2014 according to the contents of the abolition and invalidation provisions. The four is compiling and publishing the compilation of regulations on foreign exchange management of People's Republic of China (2014 Edition). The current effective regulations on foreign exchange management are mainly included, and the contents of the failure are annotated.