Translation. Region: Russian Federal
Source: People's Republic of China in Russian – People's Republic of China in Russian –
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Source: People's Republic of China – State Council News
BEIJING, Sept. 15 (Xinhua) — China's State Administration of Foreign Exchange (SAFE) on Monday announced a package of measures aimed at deepening reforms in the regulation of cross-border investment, financing and foreign exchange transactions.
The measures cover areas such as foreign direct investment (FDI), cross-border enterprise financing, and foreign currency settlements and payments by overseas individuals when purchasing real estate on the Chinese mainland, the department said in a statement.
The GUVK will abolish the requirement to register basic information on preliminary expenditure related to FDI and allow reinvestment of foreign exchange earnings from FDI in mainland China.
In addition, the State Tax Service will reduce the negative list that limits the use of foreign currency income in the capital account and will allow the use of such funds for the purchase of residential real estate not intended for personal residence.
As Li Bin, Deputy Head of the Main Directorate of the Ministry of Foreign Affairs, noted, in connection with the changes in the domestic real estate market that have occurred in recent years, the relevant currency regulation requires improvement to adapt to the new situation, which will contribute to the stable development of the real estate market. –0–
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