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RULES FOR THE IMPLEMENTATION OF FOREIGN EXCHANGE CONTROL REGULA-TIONS RELATING TO ENTERPRISES WITH OVERSEAS CHINESE CAPITAL, FOREIGN-CAPITAL ENTERPRISES AND CHINESE-FOREIGN EQUITY JOINT VENTURES

RULES FOR THE IMPLEMENTATION OF FOREIGN EXCHANGE CONTROL REGULA-TIONS RELATING TO ENTERPRISES WITH OVERSEAS CHINESE CAPITAL, FOREIGN-CAPITAL ENTERPRISES AND CHINESE-FOREIGN EQUITY JOINT VENTURES This English document is coming from the "LAWS AND REGULATIONS OF THE PEOPLE'S REPUBLIC OF CHINA GOVERNING FOREIGN-RELATED MATTERS" (1991.7) which is compiled by the Brueau of Legislative Affairs of the State Council of the People's Republic of China, and is published by the China Legal System Publishing House.

In case of discrepancy, the original version in Chinese shall prevail.

Whole Document RULES FOR THE IMPLEMENTATION OF FOREIGN EXCHANGE CONTROL REGULA- TIONS RELATING TO ENTERPRISES WITH OVERSEAS CHINESE CAPITAL, FOREIGN- CAPITAL ENTERPRISES AND CHINESE-FOREIGN EQUITY JOINT VENTURES (Approved by the State Council of the People's Republic of China on July 19, 1983 and promulgated by the State Administration of Foreign Exchange Control on August 1, 1983) Article 1 These Rules are formulated for implementing the provisions of Chapter V of the Interim Regulations on Foreign Exchange Control of the People's Republic of China.

Article 2 In Chapter V of the Interim Regulations on Foreign Exchange Control of the People's Republic of China, the term "enterprises with overseas Chinese capital" refers to corporations, enterprises or other economic entities registered in China with overseas Chinese capital or capital of compatriots in the Hongkong and Macao regions, and managed independently or jointly with Chinese enterprises; the term "foreign-capital enterprises" refers to corporations, enterprises or other economic entities registered in China with foreign capital, and managed independently or jointly with Chinese enterprises; the term "Chinese- foreign equity joint ventures" refers to enterprises jointly established, owned and run in China by corporations, enterprises, other economic entities or individuals with overseas Chinese capital, capital of compatriots in the Hongkong and Macao regions or foreign capital and Chinese corporations, enterprises or other economic entities.

Article 3 For all foreign exchange receipts and payments, enterprises with overseas Chinese capital, foreign-capital enterprises and Chinese-foreign equity joint ventures must act in accordance with the provisions in the Interim Regulations on Foreign Exchange Control of the People's Republic of China as well as these Rules.

Article 4 Enterprises with overseas Chinese capital, foreign-capital enterprises and Chinese-foreign equity joint ventures shall open Renminbi deposit accounts and foreign exchange deposit accounts in China with the Bank of China or its branch banks or any other banks approved by the State Administration of Foreign Exchange Control (SAFEC) or its branch offices, payments and receipts in these accounts being subject to the supervision of the bank with which the enterprises have established accounts. When applying for the opening of the accounts, the enterprises shall submit for verification their business licenses issued by the State Administration for Industry and Commerce of the People's Republic of China.

Article 5 The exploration fund and the fund for cooperative development and cooperative production provided unilaterally by a foreign-capital enterprise engaged in cooperative exploitation of offshore petroleum resources in China are permitted to be deposited with the agreement of the Chinese side in a bank, of a foreign country or of the Hongkong or Macao region.

Article 6 Should they find it necessary to open foreign exchange deposit accounts with banks abroad or in the Hongkong and Macao regions other than the accounts opened in accordance with Article 5 of these Rules, enterprises with overseas Chinese capital, foreign-capital enterprises and Chinese- foreign equity joint ventures shall apply to SAFEC or its branch offices for approval. The enterprises concerned shall submit to SAFEC or its branch offices quarterly statements of payments into and withdrawal from such accounts within 30 days as of the end of each and every quarter.

Article 7 All foreign exchange receipts of enterprises maintaining foreign exchange accounts with banks in China in accordance with Article 4 of these Rules, must be deposited in the said accounts and all their foreign exchange disbursements incurred in normal business operations can be effected through these accounts.

Article 8 For the implementation of the petroleum operations specified in their contracts, the foreign-capital enterprises engaged in cooperative exploitation of offshore petroleum resources may pay directly outside China wages, salaries, cost of procurements, various labour costs and service charges to foreign workers and staff members, foreign subcontractors and suppliers. The foreign workers and staff members and foreign subcontractors shall pay taxes on their income derived from China in accordance with the provisions of the tax law of the People's Republic of China.

Article 9 Enterprises with overseas Chinese capital, foreign-capital enterprises and Chinese-foreign equity joint ventures shall submit within the prescribed time limit to the SAFEC or its branch offices the following statements with explanatory notes in detail: (1) Balance sheet as of December 31 of the previous year, profit and loss statement and statement of receipts and payments of foreign exchange for the previous year shall be submitted before March 31 of each year, along with audit reports by accountants registered in the People's Republic of China.

(2) Budget of foreign exchange receipts and payments for the coming year shall be submitted before December 1 of each year (subsequent amendments, if any, shall be reported immediately).

The SAFEC and its branch offices are authorized to request the enterprises with overseas Chinese capital, foreign-capital enterprises and Chinese- foreign equity joint ventures to provide information about their business activities involving foreign exchange, and to check on their foreign exchange incomes and expenditures.

Article 10 Any currency conversion of enterprises with overseas Chinese capital, foreign-capital enterprises and Chinese-foreign equity joint ventures must be conducted according to the official rates of foreign exchange quoted by the SAFEC; the export of the products of these enterprises may be dealt with in accordance with the relevant provisions governing China's foreign trade exchange conversions.

Article 11 Except where otherwise approved by the SAFEC or its branch offices, the foreign exchange receipts realized from exports by the enterprises with overseas Chinese capital, foreign-capital enterprises and Chinese-foreign equity joint ventures shall be transferred back and credited to their foreign exchange deposit accounts with banks in China and the enterprises shall also go through the procedure of cancelling their commitments for foreign exchange receipts from these exports.

Article 12 Renminbi shall be used in the settlement of accounts between enterprises with overseas Chinese capital, foreign-capital enterprises or Chinese- foreign equity joint ventures on the one hand, and agencies, enterprises (including enterprises with overseas Chinese capital, foreign-capital enterprises, Chinese-foreign equity joint ventures), or individuals in China on the other, except in the following cases: (1) For products manufactured by these enterprises and sold to Chinese entities or enterprises engaged in foreign trade which would otherwise have to import, foreign currencies may be used in pricing and in settlement of accounts, provided that prior approval by Chinese foreign trade authorities has been obtained and that agreement on this arrangement has been reached between seller and buyer; the prices of the products may be such as to be commensurate with those current in world markets.

(2) If enterprises with overseas Chinese capital, foreign-capital enterprises and Chinese-foreign equity joint ventures purchase, for the sake of production, the commodities to be exported or imported by Chinese entities engaged in foreign trade, foreign currencies may be used in pricing the said commodities with reference to those current in world markets and in settlement of accounts, with prior approval of Chinese foreign trade authorities and arrangement between seller and buyer.

(3) Foreign currencies may be used in pricing and in the settlement of accounts related to construction work performed by Chinese construction entities according to contracts, provided that prior approval from the SAFEC or its branch offices has been obtained.

(4) Other items which can be priced and settled in foreign currencies are prescribed by the State Council or approved by the SAFEC or its branch offices.

For all transactions which can be priced and settled in foreign currencies as approved, the receipts and payments may be made through foreign exchange deposit accounts.

Article 13 Overseas Chinese investors of enterprises with overseas Chinese capital or foreign investors of foreign-capital enterprises or of Chinese-foreign equity joint ventures may apply to the banks with which they have opened accounts for remitting abroad their profits as well as other justified earnings after taxation, by debiting the foreign exchange deposit accounts of the enterprise concerned. At the time of application, the investors concerned shall submit for examination the written decision on profit distribution adopted by the board of directors or by another organ of power equivalent to the board of directors, documentary evidence showing that all taxes have been duly paid as well as the contracts containing stipulations with regard to the distribution of profits or earnings.

Overseas Chinese investors of enterprises with overseas Chinese capital or foreign investors of foreign-capital enterprises or of Chinese-foreign equity joint ventures shall apply to the SAFEC or its branch offices for transferring their foreign exchange capital abroad by debiting the foreign exchange deposit accounts of the enterprises concerned.

Article 14 Enterprises with overseas Chinese capital, foreign-capital enterprises and Chinese-foreign equity joint ventures engaged in cooperative exploitation of such resources as offshore petroleum and coal, and in other contractual or equity joint ventures, whose capital is to be recovered and profits to be realized in kind as stipulated in their contracts, may transport out of China the products as their shares of recovered capital and realized profits, but such enterprises shall remit back the amount of tax to be paid in the People's Republic of China as well as other required payments.

If the products are to be sold within China, the case shall be handled in accordance with provisions of Article 12 of these Rules, and the foreign exchange proceeds derived from these sales may be remitted out after taxation and other required payments.

Article 15 Staff members and workers of foreign nationality and those from the Hongkong and Macao regions employed by enterprises with overseas Chinese capital, foreign-capital enterprises and Chinese-foreign equity joint ventures may remit abroad their wages and other justified earnings, after taxation according to law, and if the remittance exceeds 50% of their wages and other earnings, they may apply to the SAFEC or its branch offices. The amounts remitted shall all be debited to the foreign exchange deposit accounts of the enterprises concerned.

Article 16 Foreign exchange expenses required in the normal business operations of the branches or offices abroad or in the Hongkong and Macao regions set up with the approval of competent authorities by enterprises with overseas Chinese capital, foreign-capital enterprises and Chinese-foreign equity joint ventures may be remitted to these branches or offices, debiting to the foreign exchange deposit accounts of the enterprises concerned, with the approval of the SAFEC or its branch offices.

Article 17 Enterprises with overseas Chinese capital, foreign-capital enterprises, and Chinese-foreign equity joint ventures may borrow foreign exchange directly from banks or enterprises of foreign countries or of the Hongkong and Macao regions, but they must report such borrowing to the SAFEC or its branch offices for the record.

Article 18 Enterprises with overseas Chinese capital, foreign-capital enterprises and Chinese-foreign equity joint ventures winding up operations in accordance with legal procedures, shall carry out liquidation within the scheduled period, under the joint supervision of China's finance, taxation and foreign exchange control authorities. Overseas Chinese investors or foreign investors shall be responsible for their taxes due and their outstanding liabilities within China. After completion of the liquidation, overseas Chinese investors and foreign investors may apply to the SAFEC or its branch offices for remitting out the funds owned by or distributed to them. And the remittance shall be debited to the foreign exchange accounts of the liquidated enterprises.

Article 19 The measures to control foreign exchange receipts and payments of banks with overseas Chinese capital, banks with foreign capital, Chinese-foreign equity joint banks and other financial institutions shall be formulated by the SAFEC separately.

Article 20 These Rules shall be promulgated and put into effect by the SAFEC upon approval of the State Council.


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