Establishing the ‘Green Channel’ of Foreign Exchange Administration and Actively Supporting the Work
Severe mudslides hit <?xml:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" />Zhouqu County, Gannan Tibetan autonomous prefecture in northwest China’s Gansu Province on the early morning of August 8th, 2010 triggered great losses and heavy casualties. After disasters occurred, close attention and serious discussion have been made by State Administration of Foreign Exchange (SAFE) on disaster relief provision concerning foreign exchange regulations. Various measures have been promptly implemented in order to provide full support to the disaster relief work.<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />
SAFE has established a ‘Green Channel’ for regulations in order to assist the disaster relief and reconstruction work and accomplish foreign exchange services in all endeavors. Firstly, providing the disaster areas with easy access to disaster relief donation. Recipient units, including government departments at all levels of Gansu Province, lawfully established public organizations and domestic enterprises, may enter the donation from both abroad and domestic into their account and follow the exchange settlement procedure in accordance with law in a convenient way. Moreover, those overseas branches of commercial bank, which are qualified for relevant services, are allowed to conduct the pre-remit formalities with overseas donation. Furthermore, commercial bank is allowed to conduct the statistical declaration of balance of international payments procedures on behalf of public organizations or government departments, including the Red Cross Society of China and China Charity Federation. Lastly, categorizing Gansu Province as one of the selected points where the Policies of Domestic Loan with Overseas Guarantee of Chinese-funded Enterprises and RMB Loan under Foreign Exchange Mortgage of Chinese-funded Enterprises.
