The Circular cancels the approval requirements relating to foreign direct investment for opening of foreign exchange accounts, deposits into relevant accounts, purchase of foreign exchange for overseas payment and foreign exchange transfers within China.
After completing the necessary foreign exchange registration and capital contribution confirmation procedures, a foreign-invested partnership may directly open foreign exchange accounts and purchase foreign exchange with the bank.
After liquidation, a creditor of a wholly individually-owned enterprise may still assert its rights against the investor in respect of the outstanding portion of its claim.
Insurance capital may now invest in 25 developed markets and 20 emerging markets. The amount allowed to be invested in emerging markets has also increased from not exceeding 5% of last year end's total assets to 10%. Investment instruments allowed include money market instruments, fixed-return instruments, equity, immovable property, investment funds and REITs.