SOUTH CHINA AUTHORITIES TIGHTEN FOREIGN EXCHNAGE CONTROLS; BANK OF CHINA OFFERS SPECIAL SERVICES TO OVERSEAS

• Document Type: CREST
• Collection: General CIA Records
• Document Number (FOIA) /ESDN (CREST): CIA-RDP80-00809A000600390050-3
• Release Decision: RIPPUB
• Original Classification: C
• Document Page Count: 2
• Document Creation Date: December 22, 2016
• Document Release Date: October 19, 2011
• Sequence Number: 50
• Publication Date: April 14, 1951
• Content Type: REPORT

Sanitized Copy Approved for Release 2011/10/19: CIA-RDP80-00809A000600390050-3
1
COUNTRY
SUBJECT
HOW
PUBLISHED
WHERE
PUBLISHED
DATE
PUBLISHED
INFORMATION FROM
FOREIGN DOCUMENTS OR RADIO BROADCASTS CD NO.
CLASSIFICATION CGNFiDENTIA4 vhdp tl ENT At
Economic - Finance
Daily newspapers
Shanghai; Hong Kong
18 Dec 1950 - 12 Mar 1951
Chinese
TI4 DOCUIIIT CONTAINS INFORMATION AUICTIII Till NATIONAL OAIISI
or TNS UCIT0l STAnl WITHIN THE 5101110 UI 1,PIOIASI ACT le
S. S. C.. 31 AM0 SS. Al Al000S0. ITS TRANSMISSION OR THE OITILATIOS
OT In COITINTO IN ANY MANNER TO AN UNAUTHOMIIIO PINSON IS PIO-
N UITSO UT LAN. IVIOOLCTION OF THIS FORK IS PROHIBITED.
DATE OF
INFOKMAI ION
DATE DIST. l y Apr 1951
NO. OF PAGES 2
SUPPLEMENT TO
REPORT NO.
The South China Foreign Trade Bureau has stopped issuing permits
for shippers to supply their own foreign exchange to cover imports.
The Central Government has forbidden the issuing of certificates of
credit for domestic purchases in terms of the US dollar.
A speculative price rise on commodities during October 1950 war,
stopped by the prompt action of the government. Kwangtung tax col-
lections reached 35 percent above the target in 1950, but many weak-
nesses in the system were observed, ranging from over-collections to
embezzlement.
BANS INDIVIDUAL PROVISION OF FOREIGN EXCHANGE -- Shanghai, Ta Kung Pao, 21 Dec 50
As of 19 December the South China Foreign Trade Control Bureau has stopped
issuing permits for individuals to provide their own foreign exchange to cover
imports. This policy is said to have been adopted to meet the requirements of
the present international. economic situation. The bureau has. ample fureign ex-
change ;unds on hand to provide for the needs of all importers.
The issuing of certificates of credit for domestic purchases in terms of the
US dollar has been forbidden by the government.
CANTON TAX CORFIMENCE REVEALS FAULTS -- Hong Kong, Hsing-tao Jih-pao, 2 Mar 51
Canton, 1 March -- At an 11-day conference of tax officials-of Kwangtung
Province it was revealed that while the 1950 tax collection target had been ex-
ceeded by 35 percent, a large number of shortcomings 'in the system had been
- 1 - RuWFN1IA1
CLASSIFICATION
STATE NAVY I)( I NSRB -
ARMY [Xj AIR X FBI I
Sanitized Copy Approved for Release 2011/10/19: CIA-RDP80-00809A000600390050-3
 Sanitized Copy Approved for Release 2011/10/19: CIA-RDP80-00809A000600390050-3
revealed, such as obstructionism, early collections, forced collections,
over-collections, changes in rates at will, violence, self -saTisfaction on
part of cadres, failure to understand tax policies, embezzlement, love of
ease, and pride of position.
It is hoped that during 1951 these shortcomings and evils can be over-
come and the general level of efficiency raised among the tax officials.
NATIONWIDE PRICE STABILIZATION ACHIEVED -- Shanghai, Hsing-ven Jib-pao,
18 Dec 50
During the latter part of October 1950, certain capitalist opportunists
succeeded in macipulating the markets to cause a considerable price rise to
a point where the index was 178.9 (considering prices of 31 December 1949 as
100). The government finance departments of all levels swung into action to
increase supply and exert greater market controls. By the end of November,
prices in the six big trading centers -- Tientsin, Shanghai, Canton, Hankov,
Sian, and Chungking -- had been stabilized at 176.
Copy Approved for Release 2011/10/19: CIA-RDP80-00809A000600390050-3