China -  Chinese law firm

The SAFE issued regulations in 1999, what was their main purpose?

The new regulations, or notices as they are also called, were issued on December 1999 and concern the transfer of approval authority to local SAFE branches. Notice #380 transfers the competence in the areas concerning opening foreign exchange accounts for proceeds from B-shares or overseas listings and the settlement of foreign exchange proceeds from such offerings. Notice #397 delegates power to lower SAFE authorities to approve purchases of foreign exchange for remittance overseas pursuant to transfers of equity and dissolution of entities in China. The main purpose of the decentralization is to improve the foreign investment climate. Another purpose is to strengthen national-level SAFE control at the local level.

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