DECREE OF THE STATE COUNCIL OF THE PEOPLE'S REPUBLIC OF CHINA
Important Notice: (注意事项)
英文本源自中华人民共和国务院法制局编译, 中国法制出版社出版的《中华人民共和国涉外法规汇编》(1991年7月版).
当发生歧意时, 应以法律法规颁布单位发布的中文原文为准.
This English document is coming from "LAWS AND REGULATIONS OF THE
PEOPLE'S REPUBLIC OF CHINA GOVERNING FOREIGN-RELATED MATTERS" (1991.7)
which is compiled by the Brueau of Legislative Affairs of the State
Council of the People's Republic of China, and is published by the China
Legal System Publishing House.
In case of discrepancy, the original version in Chinese shall prevail.
Whole Document (法规全文)
DECREE OF THE STATE COUNCIL OF THE PEOPLE'S REPUBLIC OF CHINA
(Issued on September 9, 1979)
A decree is hereby issued to execute the agreement signed by the
Government of the People's Republic of China and the Government of the
United States of America on May 11 this year concerning the settlement on
claims/assets, and to protect the legitimate rights and interests of the
Chinese units and individuals concerned:
1. As regards the assets belonging to state organs, stateowned
enterprises, public institutions, including organizations and schools,
frozen by the U.S. government, the State Council authorizes the Bank of
China to act on their behalf to approach the debtors on the U.S. side and
handle the affairs of recovering or with drawing the said assets frozen by
the U.S. government as soon as the U.S. government has declared the
unfreezing in accordance with the Sino-U.S. agreement.
2. As regards the former private industrial and commercial enterprises and
state-private joint industrial and commercial enterprises which, after
years of socialist transformation, have now been transformed, according to
their lines of business, into or merged with state-owned industrial and
commercial enterprises, the State Council has made the decision to
authorize the Bank of China to act as their plenipotentiary to handle the
affairs of recovering or withdrawing the assets belonging to them and
frozen by the U.S. government. When the said frozen assets have been
recovered or withdrawn, the Bank of China shall settle the accounts with
the units concerned in accordance with the relevant laws and decrees of
China.
3. As regards the frozen personnal assets belonging to Chinese nationals,
for the convenience of making contacts with the debtors on the U.S. side
and protecting the legitimate rights and interests of the owners, the
State Council authorizes the Bank of China to complete the formalities for
recovering or withdrawing the said frozen assets abroad. When the said
frozen personal assets have been recovered or withdrawn, the Bank of China
shall effect the payments in accordance with the relevant laws and decrees
of China.
4. As of the date of the issuance of the present decree, no units or
individuals have the right to withdraw, sell or transfer their assets
frozen by the U.S. government without the consent of the Bank of China.