Revisions to the Draft Commentary on Situation Report [1]
(December 22, 1952)

To the South China Bureau and the Fujian Provincial Committee of the CPC, with copy to the Central-South Bureau and the East China Bureau:

This report dated December 10, 1952, from the People’s Bank of China and the Central Commission for Overseas Chinese Affairs states that over the past three years the volume of remittances from overseas Chinese has reached pre-war levels. The bulk consists of small-amount remittances from the petty bourgeoisie and the working class, while investment accounts for only a very small proportion. In carrying out remittance work, owing to inadequate organizational efforts regarding the private remittance sector in certain localities and to serious deviations in handling remittances received by families of overseas Chinese, the latent potential of overseas Chinese remittances has yet to be fully tapped. Moreover, our guidance and support for overseas Chinese investment have been grossly insufficient. There are no strong, specialized agencies in various regions tasked with assisting overseas Chinese in making investments, resulting in the inability to address promptly and concretely the issue of how funds brought back by returning overseas Chinese should be utilized. Going forward, the key tasks in developing remittance work will be to organize both domestic and international remittance networks to break through the imperialist blockade, to stimulate overseas Chinese to send remittances, to safeguard their property rights over such funds, and to provide proper guidance on channels for utilizing these remittances and on directing capital back to China. To this end, the following suggestions are put forward: (1) It is imperative to resolutely implement the Central Committee’s directive “no infringement of overseas Chinese remittances,” thereby protecting the property rights of families receiving such funds and alleviating their concerns. (2) Overseas Chinese investing upon return to China are, in essence, transferring their capital back home. In order to more broadly unite the overseas Chinese bourgeoisie and petty bourgeoisie—especially to attract small-scale capital from overseas Chinese and their families—appropriate measures should be adopted, such as appropriately permitting overseas Chinese to engage in commercial activities upon their return and establishing trust companies for overseas Chinese. (3) Leadership over the struggle against imperialist restrictions on remittances must be strengthened, with efforts made to establish, maintain, and expand channels for remittance flows. (4) The issues of remittances and return-to-China investment have far-reaching implications and require concerted efforts across multiple government departments. Relevant Party and government organs should attach great importance to this work and ensure its effective implementation, particularly the Party and government bodies in areas with significant overseas Chinese populations, which should designate remittance matters as one of their priority tasks.

[2]
The text typeset in Song typeface represents additions and revisions made by Mao Zedong.

We hereby forward to you the report submitted by the Party Groups of the People’s Bank of China and the Central Commission for Overseas Chinese Affairs concerning remittances, overseas Chinese investment, and existing problems over the past three years. The Central Committee has approved this report; you are requested to instruct your subordinate units to implement it strictly. Any mistakes previously made in this regard should be earnestly corrected.

The Central Committee
December 22nd