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CIRCULAR OF THE STATE ADMINISTRATION OF FOREIGN EXCHANGE CONCERNING DISTRIBUTING THE RULES FOR THE IMPLEMENTATION OF MEASURES FOR STATISTIC DECLARATION OF INTERNATIONAL BALANCE OF PAYMENTS

The State Administration of Foreign Exchange

Circular of the State Administration of Foreign Exchange Concerning Distributing the Rules for the Implementation of Measures for Statistic Declaration of International Balance of Payments

HuiFa [2003] No.21

February 21, 2003

Branches and foreign exchange administration departments under the State Administration of Foreign Exchange in provinces, autonomous regions and municipalities directly under the Central Government, and branch administrations of Shenzhen, Dalian, Qingdao, Xiamen, Ningbo; and Chinese-capital designated banks of foreign exchange:

In order to adapt to the changes of the system of statistic declaration of international balance of payments (IBOP), the State Administration of Foreign Exchange revised the Rules for the Implementation of Measures for Statistic Declaration of International Balance of Payments, which has been discussed at the meeting of the State Administration of Foreign Exchange and are hereby transmitted to you. The branch administrations of foreign exchange shall distribute the Rules to the foreign-funded banks within their jurisdictions and relative Chinese-capital designated banks of foreign exchange shall transmit the Rules to their branches for implementation. Attachment:Rules for the Implementation Measures for Statistic Declaration of Balance of International Payments

Article 1

These Rules are formulated according to the Measures for Statistic Declaration of IBOP.

Article 2

The State Administration of Foreign Exchange and its branches (hereinafter referred to as AFE) is the administrative authority responsible for IBOP. Any bargainer shall declare its foreign trades and corresponding IBOP in any payment way including electronic payment in local and foreign currency and cash according to relative provisions.

Article 3

Chinese residents who receive money from abroad through domestic financial institutions shall make statistic declaration of IBOP according to relative operating procedures. The paying bank shall transmit the information on statistic declaration of IBOP through computer system to AFE according to the provisions.

If a Chinese resident fails to make a declaration of IBOP according to the operating procedures within the declaring period, the money received from abroad within such period stipulated by AFE may be paid by the paying bank only after the statistic declaration of IBOP has been completed.

For non-Chinese residents who receive money from abroad through domestic financial institutions, such domestic financial institutions shall make statistic declaration of IBOP according to the operating procedures and transmit the information on statistic declaration of IBOP through computer systems to AFE.

Article 4

Chinese residents who pay money to abroad through domestic financial institutions shall make statistic declaration of IBOP according to relative operating procedures. The paying bank may make the payments only after receiving the declarations and shall transmit the information on the statistic declaration of IBOP through computer systems to AFE according to the provisions.

For non-Chinese residents who pay money to abroad through domestic financial institutions, the domestic financial institutions shall make statistic declaration of IBOP according to the operating procedures and transmit the information on such declaration through computer systems to AFE.

Article 5

For payees who receives money from abroad and payers who send money to abroad through domestic post institutions, the post institutions shall be responsible for the statistic declaration of IBOP.

Article 6

China domestic currency exchange institutions that are engaged in exchanges from RMB into foreign or currency and vise versa shall fill in the agiotage statistic declaration forms and declare these agiotage transacted to AFE according to relative provisions.

Article 7

Enterprises with Foreign investment in China and enterprises with direct investment abroad shall fill in the statistic declaration forms of direct investment, and directly declare AFEs with the information on owner's equity, credit/debt status and allocation of dividends and interests.

Relative administrations shall provide the AFE with the foreign-related information concerning assets transfer, acquisition, merger, reconstruction and disposition.

Article 8

The foreign-related securities investment shall be declared in term of the following provisions:

(1)

For the foreign-related securities transactions through China domestic securities exchanges, the domestic securities registration institutions or securities exchanges shall fill in the statistic declaration forms of securities investments, and declare to AFE these transactions and relative information concerning incomes/expenditure and allocations of dividends and interests.

(2)

For the securities transactions not through domestic securities exchanges (including securities business on own accounts and through agents), the domestic securities dealers or domestic investors shall fill in the statistic declaration forms of securities investments, and declare to AFE these transactions and relative information concerning incomes/expenditures and allocations of dividends and interests.

(3)

Chinese domestic institutions that have issued securities within China shall fill in the statistic declaration forms of securities investments, and declare to AFE with these transactions and relative information concerning incomes/expense and allocations of dividends and interests.

Article 9

Foreign-related futures and options shall be declared in the light of the following provisions:

(1)

For the foreign-related futures and options transacted through domestic future/option exchanges (exchange centers), such exchanges (exchange centers) shall fill in the statistic declaration forms of securities investments, and declare to AFE these transactions and relative information concerning incomes/expenditures.

(2)

For foreign-related futures and options transacted not through domestic future/option exchanges (exchange centers), the domestic securities dealers or domestic investors shall fill in declaration forms of future/option transactions and report to AFE these transactions and relative information concerning incomes/expenditures.

Article 10

Domestic financial institutions within China shall fill in the declaration forms of balance sheets and profit/loss statements of their own assets abroad, and directly declare to AFE the information of balance and profit/loss of these assets.

Article 11

The Chinese non-financial institutions that opened overseas bank accounts shall fill in the declaration forms of incomes and expenditures of overseas bank accounts, and declare to AFE the balances and changes of the overseas bank accounts, and provide to AFE relative bank statements.

Article 12

The staff engaged in the statistic declaration of IBOP shall be trained for statistic declaration of IBOP and shall reach relative levels.

Article 13

Branch administrations of foreign exchange shall transmit the information on statistic declaration of IBOP to the AFE at higher level through computer system in the light of relative requirements.

Article 14

Any financial institution dealing with foreign exchange that fails to declare IBOP shall be imposed a warning according to provisions of the Article 25 in Punishment Measures for Financial Illegal Activities and a fine of no less than 50,000 and no more than 300,000; and the senior manager, the leading members who are directly in charge and other persons who are directly responsible for the offence shall be imposed with disciplinary punishment of demerit record even expulsion; in case of serious offence, the senior manager who is directly in charge of the financial institution shall be imposed with disciplinary punishment of dismissal even expulsion.

Article 15

For other acts in violation of the Measures of Statistic Declaration of International Balance of Payments, AFE shall impose them with respective or contemporary warning and fine according to actual circumstances.

(1)

Failing to declare or failing to perform the responsibility of conveying the information;

(2)

Causing missing of declaration information on IBOP;

(3)

Misdeclaring, giving false information or disguising IBOP transactions;

(4)

Frustrating, impeding or destroying the examination or auditing by AFE on declaration information on IBOP.

The sum of penalties in above Paragraphs 1, 2 and 3 in this Article shall be within a range of 1%-5% for a single IBOP, but shall be no more than RMB 30,000. The penalty in above Paragraph 4 in this Article shall be decided by AFE according to the seriousness of the violation, but shall be no more than RMB 30, 000.

Article 16

AFEs shall investigate, examine and audit the statistic declaration acts for IBOP according to the Procedures of Punishments of the State Administration of Foreign Exchange during Auditing the Statistic Declarations of IBOP, and relative institutions and their staffs shall provide convenience for such investigation, examination and audit.

Article 17

For any violation of confidential regulations or leaking out the specific statistic declaration information on IBOP by the AFE, relative institutions and staff may request the local AFE or upper level for disposing the offenders.

Article 18

The State Administration of Foreign Exchange is responsible for the interpretation for these Rules.

Article 19

These Rules shall enter into force as of March 1, 2003. The Rules of Implementation of Measures for Statistic Declaration of International Balance of Payments promulgated by the State Administration of Foreign Exchange on November 23, 2003 shall be nullified simultaneously.

  The State Administration of Foreign Exchange 2003-02-21  


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