The State Administration of Foreign Exchange (SAFE) has announced the launch of new measures to support forex operations involving foreign trade and investment.
SAFE recently announced that it had unveiled eight new measures to expedite the convenience of cross-border trade and investment, as well as simplify forex handling procedures and support the resumption of work and production following COVID-19.
The eight measures consist of four for optimising forex management and four for improving forex services, and consist of:
- Nationwide promotion of capital account revenue payment convenience reforms;
- Cancellation of special return remittance registration;
- Simplification of some capital account registration management;
- Optimisation of bank cross-border e-commerce forex settlement;
- Loosening of domestic and overseas forex loans and repayment for export purposes;
- Facilitating usage of electronic documents for forex operations;
- Loosening of inspection and approval procedures;
- Support for innovation in financial services by banks.