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What does the Memorandum of Cooperation between the General Customs Office and the State Administration of Foreign Exchange (the "Memorandum") provide?

The Memorandum provides for SAFE and GCO to exchange and share information on enterprises' basic data, customs clearance and foreign exchange payments, giving SAFE access to GCO's electronic data exchange system for the filing and issuance of foreign exchange regulatory documents. The Memorandum requires both agencies to push for network connection with foreign exchange banks in order to share first-hand information of foreign exchange transactions and it requires SAFE and GCO to each establish a coordination panel. The panel is to meet on a quarterly basis and may call special meetings for major or special events.

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