From tomorrow, Chinese residents - an economic term used in international balance of payments that also includes certain foreign individuals and corporations - should report foreign incomes through their banks within five working days of receiving payments, the administration said in a press release.

The period was previously shortened to 10 days on September 1 last year from 25 days. The system was working smoothly and more than 95 percent of relevant incomes were being reported promptly, SAFE said.

As China's opening up quickens after its World Trade Organization accession, the new move helps "improve the promptness in China's international payment statistics, promote higher transparency in China's foreign-related economic data and better meet the needs of statistical analysis and macroeconomic decision making," a SAFE spokesman said.

Data was still lagging behind the foreign exchange statistics being compiled by banks even after the 10-day deadline was introduced, nullifying the efficient use of the information, he said.

The spokesman said the five-day deadline will assist efforts to prevent unwanted cross-border capital fluctuations and enable prompter analysis and forecasts to aid decision making.

(China Daily December 31, 2002)