Want China Times, Staff Reporter 2014-02-02
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| Zhang Shuguang, China's former Ministry of Railways deputy chief engineer, during a corruption trial, Sept. 10, 2013. (Photo/CNS) |
China's new
rules requiring nationals to declare their foreign assets and debt, which came
into effect Jan. 1, are being seen as the country's latest efforts aimed at
tackling corruption, the Time Weekly newspaper reported.
Under the
State Administration of Foreign Exchange's (SAFE's) new rules regarding
international receipts and payments, Chinese citizens and organizations, as
well as foreign individuals and organizations that conduct businesses in China,
need to file reports on overseas financial assets and liabilities.
The
overseas assets also include investments made for immigration purposes, as well
as those made to acquire residency in Hong Kong, the newspaper noted.
Zhang Bin,
an official with the Chinese Academy of Social Sciences, stated that the new
rules are part of global efforts to improve management of international
receipts and payments, led by the International Monetary Fund.
The new
rules are introduced as China records growing international trade and
transactions and becomes more connected to the global economy, making it
crucial for the country to keep a close eye on cross-border activities, said
Nankai University professor Ge Shuqi.
There is
also a view among industry insiders and foreign media that the rules are part
of the Chinese government's efforts to crack down on tax evasion and graft, the
newspaper said.
In a report
published by the People's Bank of China in 2008, the Chinese central bank
listed several ways corrupt officials used to move their assets abroad, and the
newspaper said transferring assets through relatives living overseas has become
the latest approach.
The
Communist Party of China sent out a notice on Dec. 29, requiring officials
across the country to declare information regarding their overseas investments
and their children travelling or working abroad, the newspaper revealed.
The South
China Morning Post speculated that the rules are aimed at preventing officials
from moving their assets abroad.
Yet, SAFE
said it would not offer the financial information to anti-graft or taxation
agencies, unless laws required it to do so and that this information will not
be used as evidence in crime-fighting efforts.
In
addition, Ren Jianming, a researcher at China's Tsinghua University, said the
SAFE rules alone are not enough to tackle graft, and laws requiring officials
to declare their and their family members' overseas activities are needed for
that purpose.
Meanwhile,
the Time Weekly pointed out that financial institutions and professionals
handling overseas transactions have the obligation to file information
regarding these business activities with SAFE, but several banks said they have
not established internal rules, since the regulators have not announced
regulations about the filing process.
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