Laws of the People's Republic of China

The State Administration of Foreign Exchange

Circular of the State Administration of Foreign Exchange Concerning Formally Trying the System of Collecting Foreign Exchange from Export --- "Port Electronic System for Executing Laws"

HuiFa [2001] No.140

July 31,2001

Branches and foreign exchange administrative departments of the State Administration of Foreign Exchange ("SAFE") in all provinces, autonomous regions, and municipalities directly under the Central Government, branches of Shenzhen, Dalian, Qingdao, Xiamen and Ningbo:

Since June 1, 2001 when the "Port Electronic System for Executing Laws" ("PESEL" for short), an foreign exchange collecting system, was tried out nationwide, the SAFE and the branches thereof (hereinafter referred to as "foreign exchange administrations" for short), and the export enterprises of various places gradually made use of the system for online application for instruments of verification and writing-off, registering electronic ledgers, putting on archives, report losses, writing off, downloading data, and other operations. The trial of the system has proved that the system has basically met the requirements for the formal operations. It is, therefore, decided that, as of August 1, 2001, the PESEL is formally operated nationwide.

With a view to the smooth operation of the system, it is notified concerning the following:

1.

As of August 1, 2001, all foreign exchange administrations shall provide the new version of instruments of verification and writing-off with bar codes for collecting foreign exchange from export, and carry out online registration of electronic ledgers of the instruments of verification and writing-off through the system. The export enterprises shall, before September 1, 2001, send the old version instruments to the foreign exchange administrations for crossing off.

2.

All foreign exchange administrations shall follow the provisions of the Circular of the SAFE and the General Administration of Customs Concerning Trying out the PESEL Nationwide (HuiFa [2001] No. 102) and the Rules for the Operation of the System for Collecting Foreign Exchange from Export (for trial)(see attachment) in the issuing and cancellation of instruments.

3.

In case of any question and problem in the process of operating the system, please report to the Current Account Department of the SAFE (hotline No.: 010-6851 8956) and the Clearance Department of the General Administration of Customs in due time.

4.

This Circular shall enter into force as of August 1, 2001.

Attachment: The Rules for the Operation of the System for Collecting Foreign Exchange from Export (for trial), July 31,2001(omitted)