Generally improve capital account exchange management

Recently, deputy director Li Chao has given speech at the meeting held by the SAFE on planning <?xml:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" />2010’s exchange management involving capital account.<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

Li Chao indicated facing the complicated financial situation in the world, the SAFE in 2009 has diligently follow the scientific conception of development and continually improve the quality on serving and managing foreign exchange under capital account, in line with the general plan on “ensuring growth, preventing risks and maintaining equilibrium”, including the works made for the establishment of two-way system of cross-border capitals and its statistics analysis, and with the enhanced research of policies to  strive for balance of payments in facing the financial crisis.

In the year of 2010, we must address ourselves to the problem of both incessant reform and monitoring without any letup, under the core of “five transitions”. On one hand, we should take it as main theme on trade facilitating and further emancipate our minds to promote capital account convertibility step by step. On the other hand, the supervision quality on cross-border capital flows should be looked as the standard for the change of administrative method. On basis of former experiences, we ought to set up and improve monitoring system on capital flows to raise our service level and support the crackdown on abnormal loan flows, in case new problem occurs.