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The State Administration of Foreign Exchange (SAFE) of China announced Tuesday that it had revised the rules on the declaration of international payment statistics, and the new version will be put into effect as of March 1.
A spokesman for the SAFE said the move is aimed at adapting to the big changes over the past few years in the declaration of international payment statistics.
The revised version stresses that traders in international trading should declare to the SAFE their relevant income and payments. It also regulates that international payment and income through domestic financial institutions should be declared by the trader if he or she is a Chinese resident, or declared by the related financial institution if the trader is a foreigner.
The new version is favorable to practical operation together with foresight in the meantime, the spokesman said. It also provides detailed rules governing the declaration of foreign-related trading of securities, futures and options.
In addition, it gives detailed regulations on information accuracy, and penalties for illegal practices.
(Xinhua News Agency February 26, 2003)
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