People's Daily Online, Beijing, December 15 (Reporter Luo Zhizhi) According to the State Administration of Foreign Exchange, in order to further promote cross-border investment and financing facilitation, the State Administration of Foreign Exchange recently decided to expand the pilot area to Shanghai, Jiangsu Province, Guangdong Province (including Shenzhen), Beijing, Zhejiang Province (including Ningbo City), Hainan Province and other regions (hereinafter referred to as the pilot area) on the basis of summarizing the experience of the previous pilot.
There are a total of 8 pilot policies, including 5 current account policy measures, including facilitating the receipt and payment of foreign exchange funds under the current account, supporting new international settlements, expanding the scope of netting of income and expenditure, exempting registration of special foreign exchange refunds, and optimizing the management of service advance or apportionment businessThere are three capital account policy measures, including exemption from registration for domestic reinvestment of foreign-invested enterprises, sharing of foreign debt quota between parent and subsidiary companies of financial leasing, and foreign exchange registration of foreign debts and overseas listings under capital accounts directly handled by banks. The foreign exchange branches in the pilot areas will further formulate implementation rules to promote banks and enterprises to conduct business in compliance.
The State Administration of Foreign Exchange (SAFE) will continue to strengthen high-quality financial services, promote cross-border investment and financing facilitation, and promote high-quality development through high-level opening-up. At the same time, we will continue to coordinate financial openness and security, strengthen the capacity building of open supervision, and integrate risk prevention and control with reform and opening up, so as to firmly guard the bottom line of no systemic financial risks.
In 2022, the State Administration of Foreign Exchange (SAFE) launched pilot projects for high-level opening-up of cross-border investment in the Lingang New Area of the Shanghai Pilot Zone, the Nansha New Area of the Guangdong Pilot Zone, the Yangpu Economic Development Zone of Hainan Free Port, and the Beilun District of Ningbo City, Zhejiang Province. Since the pilot, the results have been good, and while effectively preventing and controlling risks, it has effectively promoted the development of foreign-related economy in the pilot area.