OREANDA-NEWS. April 20, 2012. The State Administration of Foreign Exchange recently convened a conference to summarize the comprehensive work of foreign exchange administration in 2011 and to set forth the tasks for the comprehensive work of foreign exchange administration in 2012, reported the press-centre of SAFE. 

The conference pointed out that in 2011 cadres and staff in the comprehensive work system of foreign exchange administration deeply implemented the scientific outlook on development, and in accordance with the requirements of the  Five Kinds of Transformation  of the concepts and methods of foreign exchange administration, focusing on the central tasks and serving the overall situation, continuously improved the level of policy research, strictly promoted law-based administration, reinforced publicity work, did a good job in internal management, and achieved new progress in all work.

The conference concluded that in 2012, in confronting the face of the complicated and volatile economic and financial situations both at home and abroad, in terms of the comprehensive work of foreign exchange administration, the foreign exchange authorities should conscientiously implement the spirit of the Central Economic Work Conference and the National Financial Work Conference, and in accordance with the overall arrangements decided upon at in the National Foreign Exchange Administration Work Conference of 2012, adhere to the essential requirements of finance to serve the real economy and continuously deepen the reform of foreign exchange administration. The foreign exchange authorities should maintain the risk limits, keep a close eye on unusual cross-border capital flows, establish a system and mechanism guarding against the impact of bilateral flows of cross-border capital, actively promote work to realize the  Five Kinds of Transformation  of the concepts and methods of foreign exchange administration, further change the work style, improve the capability of the foreign exchange authorities in terms of comprehensive coordination, provide services and advice regarding the comprehensive work, and continuously improve the effectiveness of foreign exchange administration.

The conference set the tasks for the comprehensive work of foreign exchange administration in 2012: first, the foreign exchange authorities should further strengthen forward-looking and relevant research on foreign exchange administration policies; second, the foreign exchange authorities should unswervingly deepen work on law-based administration and on putting the regulations in order; third, the foreign exchange authorities should continuously improve the transparency of foreign exchange administration policies, and; fourth, the foreign exchange authorities should effectively do a good job in all aspects of the basic work.