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This English document is coming from the "LAWS AND REGULATIONS OF THE

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 INTERIM REGULATIONS ON FOREIGN EXCHANGE CONTROL OF THE PEOPLE'S REPUBLIC OF CHINA (Promulgated by the State Council on December 18, 1980) Chapter I General Provisions Article 1 These Regulations are formulated for the purpose of strengthening foreign exchange control, increasing national foreign exchange income and economizing on foreign exchange expenditure so as to facilitate the development of national economy and safeguard the rights and interests of the country.

All foreign exchange income and expenditure, the issuance and circulation of all kinds of payment instruments in foreign currency, and the carrying of foreign exchange, precious metals and payment instruments in foreign currency into and out of the territory of the People's Republic of China shall be governed by these Regulations.

Article 2 Foreign exchange mentioned in these Regulations refers to: a. foreign currencies, including banknotes, coins, etc.

b. securities in foreign currency, including government bonds, treasury bills, corporate bonds and debentures, stocks, and interest coupons, etc.

c. instruments payable in foreign currency, including bills, drafts, cheques, bank deposit certificates, postal savings certificates, etc.

d. other foreign exchange funds.

Article 3 The People's Republic of China pursues the policy of centralized control and unified management of foreign exchange by the State.

The administrative agency of the People's Republic of China in charge of foreign exchange control is the State Administration of Foreign Exchange Control (SAFEC) and its branch offices.

The specialized bank of the People's Republic of China engaged in foreign exchange business is the Bank of China. No other financial institution shall engage in foreign exchange business, unless approved by the SAFEC.

Article 4 All Chinese and foreign organizations or individuals within the territory of the People's Republic of China must, unless otherwise stipulated by law, decrees and these Regulations, sell their foreign exchange to the Bank of China. Any foreign exchange they required is to be sold to them by the Bank of China in accordance with the plans approved by the State or with relevant provisions.

The circulation, use and mortgage of foreign currency, the unauthorized sales and purchases of foreign exchange, and the unlawful procurement of foreign exchange or evasion of foreign exchange control by whatever means are prohibited within the territory of the People's Republic of China.

Chapter II Foreign Exchange Control Relating to State Units and Collective Economic Organizations Article 5 All the foreign exchange incomes and expenditures of State organs, units of the armed forces, nongovernmental bodies, schools, State enterprises, institutions and urban and rural collective economic organizations within China's territory (hereinafter referred to as organizations within territory) are all subject to planned control. Organizations within territory are permitted to hold their retained foreign exchange in accordance with the relevant provisions.

Article 6 Unless approved by the SAFEC or its branch offices, organizations within territory shall not possess foreign exchange; deposit foreign exchange abroad; offset foreign exchange expenditure against foreign exchange income; or use the foreign exchange belonging to State organs stationed abroad or enterprises and institutions established in foreign countries or in the Hong Kong and Macao regions by the State, by way of borrowing or acquisition.

Article 7 Unless approved by the State Council, organizations within territory shall not issue securities with foreign exchange value inside or outside China.

Article 8 With regard to loans to be accepted by organizations within territory from banks or enterprises in foreign countries or in the Hong Kong and Macao regions, the relevant competent departments under the State Council or the relevant people's governments of provinces, autonomous regions and municipalities directly under the Central Government shall consolidate and draw up overall annual plans for such loans which must be submitted to the SAFEC and the Foreign Investment Control Commission for examination and transmission to the State Council for approval.

The measures for examining and approving such loans shall be prescribed separately.

Article 9 Any foreign exchange held by organizations within territory, including their retained foreign exchange, non-trade foreign exchange and foreign exchange under compensatory trade received in advance and reserved for later payments, funds borrowed in convertible foreign currencies and other foreign exchange held with the approval of the SAFEC or its branch offices must be placed in foreign currency deposit accounts or foreign currency quota accounts to be opened with the Bank of China, and must be used within the prescribed scope and be subject to the supervision of the Bank of China.

Article 10 When organizations within territory import or export goods, the banks handling the transactions shall check their foreign exchange receipts and payments either against the import or export licenses duly verified by the Customs or against the Customs declaration forms for imports or exports.

Article 11 State organs stationed abroad must use foreign exchange according to the plan approved by the State.

The profits derived from their business operations by enterprises and institutions established in foreign countries or in the Hong Kong and Macao regions, except for the portion kept there as working funds according to the plan approved by the State, must be transferred back on schedule and be sold to the Bank of China.

No organization stationed abroad is permitted to keep foreign exchange for organizations within territory without authorization.

Article 12 Delegations and working groups sent temporarily to foreign countries or to the Hong Kong and Macao regions must use foreign exchange according to their respective specific plans, and must, upon completion of their missions and return, promptly transfer back to China their surplus foreign exchange to be checked by and sold to the Bank of China. Foreign exchange earned in their various business activities by the delegations and working groups mentioned in the preceding paragraph and by members thereof, must be promptly transferred back to China and must not be kept abroad without the approval of the SAFEC or its branch offices.

Chapter III Foreign Exchange Control Relating to Individuals Article 13 Foreign exchange remitted from foreign countries or from the Hong Kong and Macao regions to Chinese, foreign nationals and stateless persons residing in China must be sold to the Bank of China, except the portion retained as permitted by the State.

Article 14 Chinese, foreign nationals and stateless persons residing in China shall be permitted to keep in their own possession foreign exchange already in China.

The foreign exchange mentioned in the preceding paragraph shall not, without authorization, be carried or sent out of China either by owners or by others or by post. If the owners need to sell the foreign exchange, they must sell it to the Bank of China and are permitted to retain a portion of the foreign exchange according to the percentage prescribed by the State.

Article 15 When the foreign exchange that has been kept in foreign countries or in the Hong Kong and Macao regions by Chinese residing in China prior to the founding of the People's Republic of China, by overseas Chinese prior to their returning to and settling down in China, or by Hong Kong and Macao compatriots prior to their returning to and settling down in their native places, is transferred to China, the owners shall be permitted to retain a portion of the foreign exchange according to the percentage prescribed by the State.

Article 16 When the foreign exchange belonging personally to individuals sent to work or study in foreign countries or in the Hong Kong and Macao regions is remitted or brought back to China, the owners, upon the completion of their missions and return, shall be permitted to retain the entire amount of the foreign exchange.

Article 17 The percentages of foreign exchange retention permitted under Articles 13, 14, and 15 of these Regulations shall be prescribed separately.

Foreign exchange retained by individuals as permitted under Articles 13, 14, 15, and 16 of these Regulations must be deposited with the Bank of China. These foreign exchange deposits may be sold to the Bank of China or remitted out of China through the Bank of China, or taken out of China against certification by the Bank of China. It is however not permitted, without authorization, to carry or send deposit certificates out of China either by holders or by others or by post.

Article 18 The foreign exchange remitted or brought into China from foreign countries or from the Hong Kong and Macao regions by foreign nationals coming to China, by overseas Chinese and Hong Kong and Macao compatriots returning for a short stay, by foreign experts, technicians, staff members and workers engaged to work in organizations within China, and by foreign students and trainees, may be kept in their own possession, or sold to or deposited with the Bank of China, or remitted or taken out of China.

Article 19 Chinese, foreign nationals and stateless persons residing in China may apply to the local branch offices of the SAFEC for the purchase of foreign exchange to be remitted or taken out of China. Upon approval of such applications, the required foreign exchange shall be sold to the applicants by the Bank of China.

When foreign experts, technicians, staff members and workers engaged to work in organizations within territory are to remit or take out of China their foreign exchange, the Bank of China shall handle the matter in accordance with the stipulations as provided in the relevant contracts or agreements.

Chapter IV Foreign Exchange Control Relating to Foreign Resident Representative Offices in China and Their Personnel Article 20 Foreign exchange remitted or brought into China from foreign countries or from the Hong Kong and Macao regions by foreign diplomatic missions, consular posts, commercial offices, offices of international organizations and nongovernmental bodies resident office in China, foreign diplomatic and consular officers as well as other resident staff members of the aforesaid missions, posts and offices, may be kept in their own possession, or sold to or deposited with the Bank of China, or remitted or taken out of China.

Article 21 The conversion into foreign currency, if required, of visa and certification fees received in Renminbi from Chinese citizens by foreign diplomatic missions and consular posts in China, is subject to approval by the SAFEC or its branch offices.

Chapter V Foreign Exchange Control Relating to Enterprises with Overseas Chinese Capital, Foreign-Capital Enterprises, and Chinese- Foreign Equity Joint Ventures and Their Personnel Article 22 All foreign exchange receipts of enterprises with overseas Chinese capital, foreign-capital enterprises and Chinese-foreign equity joint ventures must be deposited with the Bank of China, and all their foreign exchange disbursements must be effected from their foreign exchange deposit accounts.

The enterprises mentioned in the preceding paragraph must periodically submit their statements of foreign exchange business to the SAFEC or its branch offices, all of which are empowered to check on the movements of the foreign exchange receipts and payments of these enterprises.

Article 23 Except where otherwise approved by the SAFEC or its branch offices, Renminbi shall in all cases be used in the settlement of accounts between enterprises with overseas Chinese capital, foreign-capital enterprises, Chinese-foreign equity joint ventures on the one hand and other enterprises or individuals residing in the People's Republic of China on the other hand.

Article 24 Enterprises with overseas Chinese capital, foreign-capital enterprises and foreign joint venturers in Chinese-foreign equity joint ventures may apply to the Bank of China for remitting abroad their net profits as well as other legitimate earnings after taxation according to law, by debiting the foreign exchange deposit accounts of the enterprises concerned.

Where the enterprises and foreign joint ventures mentioned in the preceding paragraph are to transfer foreign exchange capital abroad, they shall apply to the SAFEC or its branch offices for the transfer by debiting the foreign exchange deposit accounts of the enterprises concerned.

Article 25 An amount not exceeding 50% of their after-tax legitimate net earnings from wages, etc. may be remitted or taken out of China in foreign currency by staff members and workers of foreign nationality and those from the Hong Kong and Macao regions employed by enterprises with overseas Chinese capital, foreign-capital enterprises and Chinese-foreign equity joint ventures.

Article 26 Enterprises with overseas Chinese capital, foreign-capital enterprises and Chinese-foreign equity joint ventures which wind up operations in accordance with legal procedure, shall be responsible for the liquidation, within the scheduled period, of their outstanding liabilities and taxes due in China under the joint supervision of the relevant competent departments and the SAFEC or its branch offices.

Chapter VI Control Relating to Carrying Foreign Exchange, Precious Metals and Payment Instruments in Foreign Currency into and out of China Article 27 No restriction as to the amount is imposed on the carrying into China of foreign exchange, precious metals and objects made from them, but declaration to the Customs is required at the place of entry.

To carry out of China foreign exchange or the foreign exchange previously brought in shall be permitted by the Customs against certification by the Bank of China or against the original declaration form filled out at the time of entry.

To carry out of China precious metals and objects made from them or the precious metals and objects made from them previously brought in shall be permitted by the Customs according to the specific circumstances as prescribed by State regulations or against the original declaration form filled out at the time of entry.

Article 28 To bring into China Renminbi traveller's cheques, traveller's letters of credit and other Renminbi payment instruments convertible into foreign currency shall be permitted by the Customs against the declaration form filled out at the Customs; and to take the same out of China shall be permitted by the Customs against certification by the Bank of China or against the original declaration form filled out at the time of entry.

Article 29 Unless otherwise approved by the SAFEC or its branch offices, it is not permitted to carry or send out of China by holders or by others or by post such certificates and deeds held by Chinese residing in China as bonds, debentures, share certificates issued abroad; title deeds for real estate abroad; other documents or deeds involving the disposal of creditor's right, inheritance, real estate or other foreign exchange assets abroad.

Article 30 The carrying or sending out of China of Renminbi instruments, such as Renminbi cheques, drafts, passbooks and deposit certificates, held by Chinese or foreign nationals or stateless persons residing in China, is not permitted, either by holders or by others or by post.

Chapter VII Supplementary Provisions Article 31 All units and individuals have the right to report any violation of these Regulations. Rewards shall be given to such units or individuals according to the merits of the report. Violators shall be penalized by the SAFEC, its branch offices or by public security organs, or by administrative departments of industry and commerce, or by the Customs. In light of the seriousness of the offence, the penalties may take the form of compulsory exchange of the foreign currency for Renminbi, or fine or confiscation of the properties or both, or punishment by judicial organs according to law.

Article 32 The exchange control measures for special economic zones, for frontier trade and for personal dealings between inhabitants across the border shall be formulated, in accordance with these Regulations, by the people's governments of the provinces, autonomous regions and municipalities directly under the Central Government in the light of actual local conditions, be submitted to the State Council for approval and be enforced thereupon.

Article 33 Rules for the implementation of these Regulations shall be formulated by the SAFEC.

Article 34 These Regulations shall enter into effect on March 1, 1981.


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