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| Issue 11, 2003 (01 November) |
Tianjin Simplifies Banking Procedures for Private Enterprises
According to the Tianjin branch of the People's Bank, in a bid to encourage private enterprises to expand to international markets, the requirement on forex risk assessment imposed on these enterprises investing offshore will be abolished. Only the source of foreign currency involved in such investment will be subject to examination. Individually-owned private enterprises will also be permitted to purchase forex for offshore investment with their equipment, forex loan or Rmb. These measures are set to facilitate the flow of forex and cooperation with foreign companies.
In order to improve forex administration and to provide quality banking services for private enterprises in Tianjin, the local forex administration bureau will offer the following preferential policies to those with import-export rights: enterprises with sizable import-export volumes, high economic benefits, good reputation and no record of law violation will receive support in opening forex accounts under the current account, approving forex account limits, and applying for import-export forex payment and receipt verification and cancellation forms; enterprises classified under Category A will be given priority access to Tianjin's import-export "green channel" service system; enterprises that send staff abroad to participate in international trade fairs and marketing activities can apply to the bureau for extra supply of forex in addition to the amount specified by the state.
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