State Administration of Foreign Exchange, Issues Relevant to Expanding the Pilot Reform Projects for Foreign Exchange Administration Regarding Offshore Investments Circular

Issued: May 19 2005
Effective: as of date of issue

Main contents: From the experience of launching pilot reform projects in some regions for foreign exchange administration regarding offshore investments since 2002, the State Administration of Foreign Exchange (SAFE) has decided that (1) the scope of the pilot projects shall be extended from the current 24 provinces, autonomous regions and municipalities directly under the central government to the whole country; (2) the total level of foreign exchange spending on offshore investments shall be increased from the current US$3.3 billion to US$5 billion; and (3) the authority of branches and offices of SAFE handling the examination of the sources of foreign exchange capital of offshore investments shall be raised from US$3 million to US$10 million.