State Administration of Foreign Exchange Notice [2003] No.1

Issued: April 15 2003

Main contents: The Notice lists 21 types of items in respect of which administrative examination and approval requirements are to be abolished, including:
- examination and approval for the opening, amendment and cancellation of designated domestic foreign exchange loans accounts;
- examination and verification of purchase of foreign exchange for foreign payment under the category of foreign direct investment for equipment used in equity or cooperative joint investment and equipment and items used in wholly foreign-owned investment;
- examination and verification of the opening, use and amendment of domestic foreign exchange accounts of insurance companies;
- examination and verification of domestic foreign exchange transfer among insurance companies and their branches; and
- permission for the settlement of capital of foreign-invested enterprises.
Related legislation: State Council, The First Batch of Items in Respect of which Administrative Examination and Approval Requirements are to be Abolished Decision, Nov 1 2002 and State Council, The Second Batch of Items in Respect of which Administrative Examination and Approval Requirements are to be Abolished (32 Items) and Change of the Management of Certain Items Requiring Administrative Examination and Approval Decision, 2003