The State Administration of Foreign Exchange (SAFE) says that it will continue to drive the “stable and orderly” opening of China’s capital account.
On 30 July SAFE convened a meeting on foreign exchange regulatory work for the second half of 2019 according to an announcement from its official website.
SAFE said key focal points for work in the second half would include:
- Further expediting high-level external opening and advancing opening of the capital account in stable and orderly manner;
- Improvements to the qualified foreign institutional investor (QFII) scheme;
- Implementation of administration based on equal treatment with domestic citizens prior to approval of foreign direct investment, in tandem with a negative list for foreign investment.
SAFE said it would continue to make improvements to an integrated regulatory framework consisting of “macro-prudential + micro-regulation” when it came to cross-border capital flows, and further strengthen China’s ability to prevent the risk of external shocks.
