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On November 19, 2012, the Chinese State Administration of Foreign Exchange ("SAFE") promulgated the Circular on Further Improving and Adjusting Foreign Exchange Administrative Policies on Foreign Direct Investment (Hui Fa (2012) No. 59) (the "Circular No. 59"). It took effect on December 17, 2012. The Circular No. 59 brings significant changes to the current foreign exchange approval regime for foreign direct investment and delegates the original approval and verification authority of the SAFE for certain items to the banks. We set out the main changes under the Circular No. 59.