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Foreign Exchange Administration Reform
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| 2006-08-09 10:23:26 |
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In 2006, the pilot project of the State Administration of Foreign Exchange will be first experimented and implemented in Shanghai. Shanghai will continue to push ahead with the comprehensive supporting reforms in Pudong New Area, explore with great efforts issues related to establishment of a new-type organization and structure for the foreign exchange administration in Shanghai'S special economic area and the way of supervision and service, to provide the enterprises in the area with convenient service.
Shanghai will study the new mode of foreign exchange administration in the following aspects: (1) to effect, as soon as possible, the transformation of foreign exchange administration mode from micro-administration directed to enterprises to macro-administration combining home currency and foreign currencies and from direct administration mainly through administrative examination and approval to indirect administration mainly through market adjustment; (2) to implement and further flesh out the nine policies on the pilot project of the mode of foreign exchange funds administration of the transnational companies in Pudong New Area; (3) to actively promote the study and pilot work of other reform measures; (4) to explore issues related to the establishment of the innovation mechanism and management system of foreign exchange earning products; (5) to further improve the management of external debts, foreign currency guarantees and domestic foreign currency loans, and standardize offshore business of financial institutions; (6) to strive to basically maintain an international receipt and payment balance as the central task at present and for the coming period of time, gradually removing the hidden peril affecting international receipt and payment balance; (7) to continuously perfect the RMB exchange rate formation mechanism, speed up the development of foreign exchange market, and gradually create conditions through the market mechanism for adjusting international receipt and payment with the exchange rate; (8) to continue to push forward the work for the convertibility of RMB in capital accounts, standardize fund inflow management, ease fund outflow restriction, supporting two-way reasonable cross-border fund flow through channel construction; (9) to build, as soon as possible, a cross-border fund flow monitoring system, and safeguard economic and financial safety of the country by improving analysis and early warning ability, intensifying short-term capital flow management, and making preparations to guard against and eliminating international receipt and payment risks through risk control measures. |
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