China Launches Pilot Reform of the System of Verification and Write-off of Import Payments in Foreign Exchange
2010-04-21
On April 7, 2010, the State Administration of Foreign Exchange (“SAFE”) issued the Notice on Issues Related to Implementation of the Pilot Reform of the System of Verification and Write-off of Import Payments in Foreign Exchange (the “Notice”). The Notice provides that some cities/provinces will launch, on a pilot basis, the reform of the system of verification and write-off of import payments in foreign exchange (the “Reform”) from May 1, 2010. The Notice includes two annexes, namely, the Measures for the Pilot Reform of Administration of Import Payments in Foreign Exchange of Trade in Goods (the “Measures”) and Detailed Implementation Rules of Measures for the Pilot Reform of Administration of Import Payments in Foreign Exchange of Trade in Goods (the “Detailed Implementation Rules”).