Answers to the Questions on Exchange Regulations Raised by British-China Trade Association

Answers to the Questions on Exchange Regulations Raised by British-China Trade Association [Effective]

国家外汇管理局关于英中贸易协会所询外汇管理问题的答复意见 [现行有效]

【法宝引证码】

Issuing authority： Other Institutions of the Central Government,Others,All Other Administrations,State Administration of Foreign Exchange
Date issued： 02-01-1999
Effective date: 02-01-1999
Level of Authority: Departmental Regulatory Documents
Area of Law:Foreign Exchange


ANSWERS TO THE QUESTIONS ON EXCHANGE REGULATIONS RAISED BY BRITISH-CHINA TRADE ASSOCIATION (Huifu [1999] No. 8) To the concerns, In order to contain the contagion effect from the Asian financial crisis which is negatively affect the economic development in China, Asia and rest of the world, this year the Chinese authorities had taken several steps which were contributed to maintain the good status of macro economy, twin surpluses under current and capital accounts in balance of payments, and the sustained stability of RMB exchange rate as well. The international community thinks highly of these good performances in China. Admittedly, however, at the same time there exist unfavorable comments on economic prospect in China and psychological expectation on RMB devaluation since massive devaluation had occurred in neighboring countries. Therefore, some domestic enterprises postponed the collection and sale of export receipts; some purchased foreign exchange for import payments earlier; some actively repaid the principals and interests of external borrowings or domestic foreign exchange loans in advance. In addition, some illegal persons and enterprises conducted fraud of foreign exchange and evasion of foreign exchange, or did foreign exchange transactions in black markets. In order to solve the aforementioned problems, so far this year Sate Administration of Foreign Exchange (SAFE) had made further replenishment and improvement on the bases of the liquidation and modification of exchange regulations comprehensively in 1997. The principals embodied in our formulation of exchange regulations are as follows, a) adhering to reform and openness as well as full convertibility under current accounts; b) strengthening the verification of authenticity for foreign exchange under current accounts, improving exchange administration under capital accounts; c) meeting reasonable demands on foreign exchange, legal repayment of external borrowings and regular exchange flows as well; d) strengthening the implementation of exchange regulations and the supervision on financial institutions so as to crack down smuggling. British-China Trade Association (BCTA) raised some questions on recently promulgated new exchange regulations. We would like to clarify these questions as follows:		国家外汇管理局关于英中贸易协会所询外汇管理问题的答复意见（一九九九年二月一日　国家外汇管理局发布）英中贸易协会：今年以来，为了抵御亚洲金融危机的继续扩大，影响中国、亚洲乃至世界经济的发展，中国政府采取了一系列对策和措施，使得宏观经济运行依旧保持良好态势，国际收支维持经常项目和资本项目双顺差的局面，人民币汇率继续保持稳定。对此，国际社会给予了高度评价。但与此同时，受周边国家货币大幅贬值的影响，也存在着人民币贬值的议论和心理预期。因此，国内有些企业推迟了出口收汇和结汇；有些企业提前支付进口货款；还有些企业主动提前偿还外债本息或境内外汇贷款。另外，一些不法分子和企业想方设法骗购外汇，非法截留、转移和买卖外汇，也出现了一些外汇黑市交易。针对上述情况，今年以来，国家外汇管理局在１９９７年法规清理、修改的基础上，对外汇管理法规进行了进一步的补充和完善。我们的立法思想是：坚持改革开放和经常项目可兑换，加强经常项目汇兑的真实性审核，完善资本项目外汇管理，保证合理的外汇需求、合法的债务偿还和正常的资金流动，配合打击走私的行动，加大外汇管理法规的执法力度，加强对金融机构的监管。英中贸易协会就近期新发布的外汇管理法规提出了一些疑问，对此我们明确如下：
A. On the prior verification of import statement of the customs clearance Since July of 1998, we made a specific examination on buying and paying foreign exchange for import purpose over the period of January to June of 1998. From the examination, we found out that the illegal persons made the fraud of exchange heavily with the falsification or alteration of the customs declaration form for imported goods, or repeatedly using the same form and other import documents, or using the documents which are not qualified for the purchase and payment of foreign exchange for import purpose. All these activities have directly threatened to the domestic financial order and economic security. In order to correct the flaws in exchange regulations and strike against the fraud of exchange, we adjusted the regulations over the verification procedures of authenticity for external payments. Banks are required to verify the customs declaration form for imported goods with the customs before they make external payments, which are above USD100,000 and in terms of 'payment against delivery'. Only with the confirmation from the customs could banks make the payments. This requirement excludes the payments in the form of letter of credit (L/C) and collection. We keep on implementing post-verification of import payments, which is complied with international convention. But some enterprises reflect that the duration for second verification is too long to affect external payments and production costs. BCTA suggested that the change from mail to phone call would serve to speed up the verification. In the context of this problem, on the one hand, we have developed the electronic network for verification of the customs declaration form together with General Bureau of The customs and Ministry of Information Industry so as to solve the problem completely. This network started to function experimentally in some cities such as Beijing, Shanghai and Guangzhou since November of 1998, and it will extend to national wide since January 1 of 1998. On the other hand, before the formal operation of this network nationally, we have required relevant SAFE branches and designated foreign exchange banks (DFEBs) to send specific staff to the customs for the verification, if the customs is located in the same city as the enterprise applies for external payments; otherwise, the verification will be processed by express between banks and the customs. ．．．．．．		一、关于进口货物报关单事前核对的问题从１９９８年７月开始，我们对１９９８年１－６月的进口售付汇情况进行了专项检查，通过检查发现，不法分子以伪造、变造的报关单等凭证和单据，重复使用报关单等凭证和单据，使用不得凭以售付汇的报关单等凭证和单据进行骗汇的情况十分严重。这种行为已经直接危及了我国的金融秩序和经济安全。为了堵住管理上的漏洞，打击骗购外汇行为，我们对经常项目项下的一些对外支付的真实性审核程序进行了调整，要求银行将货到付款项下金额在等值１０万美元以上的进口货物报关单，必须在对外支付前与海关进行核对，海关确认为真实进口的，方可办理对外支付。这项要求不包括信用证、托收结算方式，我们仍然遵循国际惯例，采用事后核销加以监管。但是，企业也反映在进行二次核对时由于时间长，影响了企业的对外支付，增加了企业的成本。英中贸易协会也提出改变邮寄方式传送单证为电话核对，以加快核对速度。对于这个问题，我们一方面会同海关总署、信息产业部等部门联合开发了报关单核对的电子联网系统，从根本上解决这个问题。该系统已于１９９８年１１月份在北京、上海、广州等部分地区运行，１９９９年１月１日开始在全国各地区正式运行；另一方面要求外汇局和外汇指定银行在电子联网系统开通前，对于报关地与付汇地在同一城市的，银行将派专人前往同城海关进行核对；对于报关地和付汇地不在同一城市的，银行和海关应以特快专递方式寄送报关单。．．．．．．
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