Foreign exchange rules further simplified for foreign direct investment in China
By John Shi, Amber Tang and David Xu
On 11 May 2013, the State Administration of Foreign Exchange (SAFE) of the People’s Republic of China (PRC) released the Provisions on Foreign Exchange Administration of Inbound Direct Investment by Foreign Investors (SAFE Circular 21), which entered into effect on 13 May 2013. This is another important piece of SAFE regulation related to foreign direct investment (FDI) in China. It’s a further step to simplify and streamline foreign exchange administration regimes. It cancelled 24 FDI-related foreign exchange regulations. The attached Operating Guidelines and Specifications on Matters Relating to Inbound Direct Investment Business provide detailed instructions.
Article 3 of SAFE Circular 21 expressly provides that foreign exchange matters of FDI activities are only subject to registration regime (in contrast with the verification-oriented regime prior to SAFE Circular 59 1). Similar to SAFE Circular 59, SAFE Circular 21 abolishes various SAFE approval/verification requirements on foreign exchange procedures and lists out the matters requiring SAFE registration in a more streamlined and unified way…
If you are registered and logged in to the site, click on the link below to read the rest of the DLA Piper briefing. If not, please register or sign in with your details below.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.
News from DLA Piper
News from The Lawyer
Briefings from DLA Piper
A well-known British performing artist was granted permission to take his case to the Supreme Court, where he will appeal the Court of Appeal’s decision in OPO v MLA & STL.
The increased focus of national data protection authorities on the processing of personal data through mobile apps was again confirmed in an open letter from a group of data protection authorities.
Analysis from The Lawyer
Regulators are ramping up the pressure in the aftermath of recession, leaving firms to compete for compliance and restructuring work
Shearman & Sterling is making its presence felt in the City, squaring up to magic circle firms and looking to muscle in on key relationships. Private equity house Bridgepoint is one outfit that has had its head turned by the US firm.