Prior to 2009, China generally followed the OECD Guidelines. New guidelines were announced by the State Tax Administration (SAT) in March 2008 and issued in January 2009. [99] The approach of these guidelines differed significantly from those of other countries in two respects: 1) they were guidelines requiring field offices to conduct transfer pricing audits and adjustments, and 2) the factors to be considered differed according to the transfer pricing method. Relevant guidelines: All transfers of economic value between related parties must meet the requirements of § 482. It applies not only to the transfer of material goods (e.B a foreign production unit sells its production to a US distributor, both owned by a UK parent company), but also for the internal services provided. Transfer pricing improves prices, provides efficiency and simplifies the accounting process. Transfer pricing refers to the conditions that affiliates accept for their controlled transactions. . . .