(V) Foreign exchange administration policies
1. Transactions between enterprises in KMFTZ and China-based enterprises out of KMFTZ may be settled in RMB or US dollars. Transactions between enterprises within KMFTZ may be settled in RMB or US dollars.
2. Payments occurring between enterprises in KMFTZ and China-based enterprises out of KMFTZ are not subject to international balance of payment Intrastat declaration.
3. Unless otherwise specified in laws, regulations and rules, payments from enterprises in KMFTZ to foreign enterprises are not subject to import payment write-off.
4 Assets obtained by foreign investors as a result of liquidation of enterprises in KMFTZ may be transferred abroad or re-invested in China upon the approval of competent agencies.
5. An enterprise in KMFTZ may apply for purchase of foreign currency for payment up to the amount of its paid-up registered capital in RMB.
6. Transactions between enterprises in KMFTZ and foreign enterprises may be settled in convertible currencies, currencies of neighboring countries or RMB, or by barter.
7. For enterprises in KMFTZ, convertible currencies on current accounts may be exchanged under the amount of exchange approved by the State Administration of Foreign Exchange, or be deposited into foreign currency current accounts. Currencies of neighboring countries on current accounts may be deposited into cross-border trade accounts in the neighboring countries or be sold to banks willing to buy.
8. The State Administration of Foreign Exchange shall, after writing off the export proceeds of enterprises in KMFTZ, provide the “Special Sheet for Export Proceeds Write-off and Export Rebates” to the enterprises, indicating currencies and amounts in the box of “Remarks”.