Sept. 8 – The State Administration of Foreign Exchange (SAFE) issued the “Supplementary Circular on Issues Relating to Improving Business Operations with Respect to the Administration over Payment and Settlement of Foreign Exchange Capital of Foreign-invested Enterprises (Huizongfa [2011] No. 88, ‘Supplementary Circular’)” on July 18, 2011, which came into effect on August 1, 2011. The Supplementary Circular, promulgated on the basis of Huizongfa [2008] No. 142 (“Circular 142”), stipulates additional documents that enterprises should provide when applying for foreign exchange capital settlement, as well as imposes on banks the obligation to examine and verify the authenticity of the invoices related to and the usage of RMB funds obtained from enterprises’ foreign exchange capital settlements. Continue reading




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Aug. 22 – With the North Korean leader Kim Jong-il on his first visit to Russia in nine years, questions can be asked about how much this means for the redevelopment of much of the Northeast Asia seaboard, including that of Northeast China.
