China’s State Administration of Foreign Exchange said that it will make further increasing the level of “freedom and convenience” of cross-border investment and trade one of its key work missions in future.
At its annual work conference SAFE said that 2018 will see the regulator focus on “the three missions of servicing the real economy, preventing financial risk and deepening financial reform,” according to the state-owned Xinhua News Agency.
SAFE reiterated that one of its key foreign exchange regulatory work points moving ahead would be “further raising the level of freedom and convenience of cross-border trade and investment,” indicating that it would support “innovative foreign trade development, and the stable promotion of free trade zone foreign exchange trials.”
The regulator said that it would “appropriately promote capital account convertibility, protect the lawful rights and interests of foreign investors, and support foreign investment by capable and qualified enterprises.”
In addition to this the regulator also said that it would strengthen infrastructure development by creating a digital foreign exchange management platform and establishing a “secure foreign exchange management” system, as well as actively support state strategy in relation to the Belt and Road initiative, and protect the security, liquidity and value of China’s foreign reserves.
