Banks
There are 21 banks of all types in Beijing, with over 1100 operation offices, including 10 branches of foreign banks.
Credit and loan
Loan currencies: Renminbi as local currency; US dollar, Pound, Yen, Hong Kong dollar, Deutsche Mark and other exchangeable currencies as agreed by banks as foreign currency.
Types of loan: for fixed assets, circulating funds and reserve funds.
Foreign exchange control
No foreign currency is permitted to circulate, nor settlement can be made in foreign currency within the People’s Republic of China.
Exchange of Renminbi for current items has been realized. The state does not restrict current international payments and receipts and transfer, but certain restriction is imposed on receipts and payments in foreign exchange for capital items.
Enterprises with foreign investment shall request for taking the “Foreign exchange registration certificate for enterprises with foreign investment” and submit copies for the following within 30 days after obtaining the “Enterprise corporate business license of People’s Republic of China”:
1. Approval document and certificate for setting up the enterprise;
2. “Enterprise corporate business license of People’s Republic of China” and its copy;
3. The approved and validated contract and articles of associated of the enterprise;
4. Enterprise corporate code certificate;
5. Other documents requested by foreign exchange control authority.
Enterprises shall open foreign exchange accounts at banks of the registration place against the “Foreign exchange registration certificate for enterprises with foreign investment” and “Foreign debt registration certificate” and other relevant documents.
The profits distributed according to law and assets obtained from reduction of capital, liquidation, transfer of stock right and recovered investment by overseas partners in enterprises with foreign investment can, with approval by foreign exchange control administration, be used for investment again in the People’s Republic of China, and the portion of Renminbi re-invested can enjoy the treatment as investment of foreign currency.
