On July 15, a US$138,000 cross-border remittance was successfully processed through the Bank of China’s Qianhai Shekou branch—marking the official launch of China's first offshore onward remittance transaction via the Qianhai Offshore Trade Service Platform. The entire process, from document submission to fund release, was completed in just 30 minutes, thanks to a fully digital, zero-contact workflow that eliminated paperwork and in-person procedures.

Jointly launched by the Qianhai Authority and Bank of China, the new solution allows companies to submit contracts, invoices, and shipping documents through a single portal. Upon receipt, the bank cross-verifies shipping data via the platform's backend and conducts multi-dimensional risk checks using its internal compliance models. This ensures that all transactions are genuine, document-supported, and compliant with foreign exchange regulations.

“In the past, processing an offshore onward remittance transaction could take two to three working days and required dozens of pages in printed documents and multiple trips to the bank,” said a representative of the Qianhai-based technology firm involved in the pilot transaction. “Now, with just a few clicks from our office, the entire process is done. The efficiency of Qianhai’s platform gives us greater confidence to expand our offshore trade operations.”

Offshore trade has increasingly become a vital pillar of China's international commerce. The Master Plan for the Development of the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone encourages banks to facilitate compliant cross-border settlements for bona fide offshore transactions and promotes the clustering of offshore trade businesses.

As part of its efforts to create a world-class offshore trade environment, Qianhai also implemented a stamp duty exemption policy starting April 1. Under the policy, companies registered in the China (Guangdong) Pilot Free Trade Zone—including the Qianhai-Shekou area—are exempt from stamp duty on contracts for offshore onward trade transactions. In the first half of the year alone, tax authorities waived approximately RMB 1.1 million (about US$150,000) in stamp duties for such contracts, directly reducing transaction costs and bolstering corporate confidence.

To mitigate potential risks associated with tax exemptions, the Qianhai Authority has partnered with the Shenzhen Municipal Commerce Bureau, Shenzhen Tax Service, and the State Administration of Foreign Exchange to leverage the platform for data-sharing and joint supervision. These efforts aim to ensure transparency and integrity while maximizing the policy’s benefits for law-abiding enterprises.

Looking ahead, Qianhai plans to deepen collaboration with financial, trade, and tax authorities to further enhance the platform. By continuously expanding service offerings and onboarding more banks and corporates, Qianhai is positioning itself as a national model for high-quality offshore trade—offering replicable experience and scalable innovation from Shenzhen to the rest of China.