SAFE promotes high-level opening up of cross-border trade investment and financing

What measures will SAFE adopt to stabilize foreign trade? On April 21, Wang Chunying, deputy director and spokesperson of the State Administration of Foreign Exchange, said at the press conference of the State Council Information Office that SAFE will further promote reform and opening up in the field of foreign exchange, and promote foreign trade growth with high-quality facilitation policies. The main measures include promoting the expansion and quality of high-quality enterprise trade foreign exchange revenue and expenditure facilitation policies, promoting high-level opening up of cross-border trade investment and financing, continuing to improve the level of enterprise exchange rate risk management, and continuously expanding the application scenarios of cross-border financial service platforms.

Last year, the trade revenue and expenditure facilitation policy for high-quality enterprises has covered the whole country, further broadening the scope of facilitation business to benefit more small and medium-sized high-quality enterprises. By the end of March this year, the scale of trade revenue and expenditure facilitation business for high-quality enterprises nationwide has reached 1.40 trillion US dollars. Wang Chunying said that the next step will continue to promote the facilitation policy "to expand, improve quality and increase efficiency", stimulate banks to implement the facilitation policy enthusiasm, initiative and creativity, so that more honest business enterprises can enjoy the policy convenience, and strive to promote the formation of a "more honest, more convenient, more compliance and more autonomous" market environment.

In terms of promoting the high-level opening up of cross-border trade investment and financing, the SAFE said that it will continue to promote the high-level opening up of cross-border trade investment and financing in the future, guide the four regions including the new area to implement various policies and measures, evaluate and optimize relevant pilot policies in a timely manner, and continuously improve policies through the pilot, striving for further promotion, so that more enterprises can enjoy convenience.

The foreign exchange bureau also said that it will do a lot of work to enhance the concept of enterprise exchange rate risk neutrality and reduce the cost of hedging for small and medium-sized enterprises.

Regarding the cross-border financial service platform, Wang Chunying said that in the future, it will continue to expand application scenarios, promote the facilitation of cross-border trade and investment and financing for small and medium-sized enterprises, and effectively promote the stable and healthy development of foreign-related economies. The more enterprises and banks use it, the more small and medium-sized enterprises can enjoy the benefits of cross-border trade and investment and financing facilitation policies.