| Category | FOREIGN AFFAIRS | Organ of Promulgation | The State Council | Status of Effect | In Force |
| Date of Promulgation | 1979-09-09 | Effective Date | 1979-09-09 |
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Decree of the State Council of the People’s Republic of China |
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(Promulgated 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When the said frozen assets have been recovered or withdrawn, the Bank of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personal assets have been recovered or withdrawn, the Bank of China shall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.