China unveils new measures to streamline foreign exchange business processes
The State Administration of Foreign Exchange (SAFE) released a circular on Sunday, announcing the introduction of six measures aimed at optimizing foreign exchange business processes.
The Notice consists of six policy measures, mainly including three aspects:
Firstly, optimizing the registration management of foreign trade enterprise directories. The processing method of the "List of Trading Foreign Exchange Income and Expenditure Enterprises" will be approved and adjusted by the State Administration of Foreign Exchange to be directly processed by banks.
The second is to facilitate the settlement of cross-border trade foreign exchange receipts and payments for enterprises. Simplify the trade income and expenditure procedures for enterprises in special customs supervision areas. Relax the authority of banks to handle special refunds for goods trade (non original refunds or refunds exceeding 180 days). Optimize the processing of deferred payment and remittance services for Class B and C enterprises.
The third is to clean up and integrate the foreign exchange management regulations for goods trade. Abolish some documents, integrate the provisions on the handling of foreign exchange registration business for goods trade, and revise some document styles.
According to the circular, these newly-introduced measures are designated to further boost trade facilitation and enhance the ability to serve the real economy.
The policies mainly involve moves in optimizing the registration of foreign trade enterprises, facilitating cross-border trade settlement and payment for enterprises, and streamlining regulations regarding foreign exchange for goods trade, according to the SAFE.
The circular will take effect from June 1, 2024.
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