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Strategies & Market Trends : China Warehouse- More Than Crockery -- Ignore unavailable to you. Want to Upgrade?

To: RealMuLan who wrote (4021)	12/31/2004 3:25:56 PM
From: RealMuLan	Read Replies (1) \| Respond to of 6370

Billions of US dollars to cross borders www.chinaview.cn 2004-12-29 10:51:44 BEIJING, Dec. 29 -- Billions of US dollars are likely to cross the border in the next few years thanks to a new policy that protects the personal property of inheritors and emigrants. The new rules apply to people emigrating from the Chinese mainland and to overseas citizens inheriting assets on the Chinese mainland. State Administration of Foreign Exchange (SAFE) officials estimated that mainland assets of Chinese emigrants are worth US$6 billion to US$8 billion and foreign people's inheritances in the mainland are worth US$1 billion to US$2 billion. They expect about US$2 billion to be transferred outside of China every year for the next five years. "These are just rough estimates. We are not so sure. Because it is very difficult to get an accurate figure," said Han Hongmei, a senior SAFE official. The new policy, which became effective earlier this month, also marks a step towards freer capital flow, a more flexible foreign exchange policy and, eventually, a fully convertible renminbi, Han said. The move is also conducive to more balanced international payments, said Han, a director-general-level inspector, yesterday in an interview with China Daily. news.xinhuanet.com