Circular of the SAFE on Issues related to the Implementation of the Measures for the Online Inspection of Foreign Exchange Collection and Settlement of Export Proceeds

The branches and foreign exchange administrative departments of the State Administration of Foreign Exchange (SAFE) in all provinces, autonomous regions, municipalities directly under the Central Government, SAFE branches in Shenzhen, Dalian, Qingdao, Xiamen, and Ningbo; all designated Chinese-funded foreign exchange banks:
The SAFE, the Ministry of Commerce, and the General Administration of Customs jointly promulgated the Measures for the Online Inspection of Foreign Exchange Collection and Settlement of Export Proceeds (Huifa No. 29 [2008] of the State Administration of Foreign Exchange, hereinafter referred to as the Measures) on July 2, 2008. The following relevant issues regarding foreign exchange administration during implementation of the Measures are hereby noted:
1. The online inspection system for foreign exchange collection and settlement of export proceeds (hereinafter referred to as "the inspection system") shall enter into trial operation on the China E-port from July 14, 2008, and shall begin formal operations on August 4, 2008.
From the date of the trial operation of the inspection system, the designated foreign exchange banks (hereafter referred to as "the banks") shall, according to these Measures, carry out online inspection of the electronic data relevant to the foreign exchange collected by an enterprise from exports (including, as below, the foreign exchange collected from abroad from exports and the foreign exchange collected within China in pursuance with the relevant provisions, including advance receipts for goods).
2. The foreign exchange collection of export proceeds of an enterprise shall, according to these Measures, be first put into a to-be-checked account for foreign exchange collection of export proceeds (hereinafter referred to as the to-be-checked account). The to-be-checked account shall be incorporated into the foreign exchange account management information system, with the 1101 code.
The scope of the income in the to-be-checked account is limited to an enterprise's foreign exchange collection of export proceeds. Expenditures from the said accounts shall be handled after undergoing the online inspection of the bank, with the scope including foreign exchange settlement after the online inspection by the bank, inward transfers to the foreign exchange account under the current account of the enterprise, the return of foreign exchange upon approval of the SAFE, and other foreign exchange expenditures. No funds can be transferred between two to-be-checked accounts. Interest on the balance of such accounts shall be calculated on a daily basis.
3. When a bank handles the sale or transfer of foreign exchange in a to-be-checked account for an enterprise, it shall, according to these Measures, make a note within the receivable amount of foreign exchange under the trade category corresponding to the enterprise in the inspection system (namely, inputting the foreign exchange actually sold or transferred and deducting the corresponding receivable amount of foreign exchange, the same applies below):
(1) The receivable amount of foreign exchange under general trade, processing trade with imported materials, petty border trade, exports for contracted foreign projects, or any other type of trade shall be the total sum of transactions in the customs declaration forms under the corresponding export trade category;
(2) The receivable amount of foreign exchange under processing trade with imported materials shall be equal to the total sum of transactions in the customs declarations forms and the proportion of foreign exchange collected. 
(3) The receivable amount of foreign exchange under the advance receipts for goods shall be generated by the trade credit register management system on the basis of the enterprise's registered advance receipts and the foreign exchange which the enterprise has collected from exports during the previous 12 months. Enterprises of special industries, such as the export of vessels and large complete sets of equipment or enterprises collecting advance foreign exchange under the item of export buyer's credit, may, in light of the actual situation, apply to the local SAFE branch to increase the limit on the receivable amount of foreign exchange under the advance cargo payment. When applying, a written application, the export contract, and other materials required by the SAFE shall be submitted. The SAFE shall make its decision regarding approval within 20 working days after receiving the complete set of materials.
After the goods corresponding to the advance receipts to the enterprise are declared and exported, the amount of foreign exchange sold or transferred after the online inspection shall be deducted from the receivable amount of foreign exchange in exports corresponding to the trade category of the enterprise.
4. The rate of the receivable amount of foreign currency collected in the processing trade with imported goods shall be determined by the branches and foreign exchange administrative departments of the SAFE (hereinafter referred to as "the branches") in consideration of the local conditions and shall be reported to the SAFE for archival filing and determination.
For processing trade with imported materials, if the actual proportion of foreign exchange collected exceeds the determined proportion, the enterprise, when handling the exchange sales or transfers to the to-be-checked account, shall submit to the bank the vouchers and certificates specified by the Measures as well as the corresponding export contract, original Export Declaration (Verification Form for Exchange Collection of Export Proceeds, the same below) stamped with the customs' "verification seal," and a photocopy stamped with the enterprise's official seal. The bank shall record the corresponding number of the customs declaration form for exports, the number of the export contract, and the proportion of foreign currency actually collected, and shall make a note of the corresponding receivable amount of foreign currency in the inspection system and then settle or transfer the foreign currency.
In cases when the amount of foreign currency actually collected on one customs export declaration form under the item of the enterprise's processing trade with imported materials exceeds 25%, the handling bank shall submit a written summary report to the local SAFE branch, with copies of the related vouchers and certificates, within the first five working days of each month.
5. In cases in which the export proceeds in foreign exchange have not been collected by June 30, 2008, the receivable amount shall be determined based on the foreign exchange due and the foreign exchange collected from exports and shall be recorded under the "other trade" item of the inspection system. When an enterprise handles the procedures for sales or transfers of foreign exchange collected in exports through the to-be-checked account, the bank shall check the receivable amount of foreign exchange in exports and within the range thereof make a note on the foreign exchange collected.
6. During the trial operation of the inspection system, if it is impossible to conduct an online inspection of the foreign exchange collection of export proceeds following these Measures due to a system or network default or for other reasons, the enterprise may handle the procedures for sales or transfers for the corresponding foreign exchange collection under the to-be-checked account with the corresponding export declaration form stamped with the customs' "verification seal." The bank shall settle or transfer the said foreign exchange after examining the corresponding vouchers and certificates in accordance with the provisions of these Measures.
An enterprise that handles foreign exchange sales or transfers of the to-be-checked account with an export declaration form for which the export date is on or before December 31, 2007 shall first go to the local SAFE branch to handle the procedures for verification and the writing-off formalities for settling or transferring the corresponding foreign exchange in the to-be-checked account. The bank shall settle or transfer the said foreign exchange after checking the corresponding documents under these Measures.
No enterprise may forge, alter, or borrow an export declaration from to collect foreign exchange for exports, or repeatedly use an export customs declaration form to collect foreign exchange for exports under which the foreign exchange for exports has been collected or the foreign exchange has been offset by imported materials.
7. After handling the procedures for foreign exchange sales or transfers in the to-be-checked account following the provisions in these Measures and the Circular, the bank shall make an indication of the already collected foreign exchange in the corresponding original document, affix the bank's official seal, and retain the "Note on Foreign Exchange Collection of Export Proceeds" and copies of the relevant vouchers and certificates for 5 years.
8. The "Circular of the State Administration of Foreign Exchange of the People's Republic of China on Relevant Issues for Improving the Administration of Advance Receipts for Export Goods and Collection of Entrepot Trade in the Present Stage" (Huifa No. 33 [2005]), the "Circular of the State Administration of Foreign Exchange on Further Improving the Administration of Foreign Exchange Collection and Settlement in Trade" (Huifa No. 49 [2006]), the "Circular of the State Administration of Foreign Exchange of the People's Republic of China on Issues concerning Earnestly Implementing the Administrative Policy for Foreign Exchange Collection and Settlement in Trade" (Huifa No. 67 [2006]) and the "Circular of the State Administration of Foreign Exchange of the People's Republic of China on Issues concerning Further Improving the Administrative Approach of 'Pay Attention to Enterprises' in the Settlement of Foreign Exchange" (Huifa No. 45 [2007]) shall be abolished from the date of implementation of these Measures.
The branches of the SAFE shall, upon receiving this Circular, transmit it as soon as possible to the central sub-branches, sub-branches, the foreign-funded banks, local commercial banks, and relevant units under their respective jurisdictions. The branches of the SAFE shall strengthen the organizing work for policy implementation, conduct training for organizations and banks under their respective jurisdictions in a timely manner, and do a good job of providing policy interpretations and operational instructions to facilitate the handling of business by banks and enterprises. All designated Chinese-funded foreign exchange banks shall, upon receiving this Circular, transmit it as soon as possible to their subsidiaries. If any problems are encountered in the implementation of this Circular, please promptly report them to the SAFE.
Contact Number:
Current Account Management Department, SAFE:  Jieqiong Chen: 010-68402450
Capital Account Management Department, SAFE:  Yong Liang: 010-68402250
Information Center, SAFE: Yi Wang: 010-68402499
                                        July 2, 2008

google提供的广告