On May 11, 2013, China's State Administration of Foreign Exchange (SAFE) issued a Notice to the various relevant local administrations declaring 24 regulations on Foreign Direct Investment inapplicable. The regulations have been abolished as part of the government's efforts to reduce red tape and increase transparency in FDI.
 
The repealed regulations deal mostly with various registration and approval requirements that used to be in place for FDI-related capital inflows (Annex 2 of the SAFE Notice lists the 24 regulations that were repealed). Under the simplified procedures, foreign currency registration as well as other dimensions of the international payment system shall be facilitated.