China forex regulator launches pilot project on trade facilitation

These measures include optimizing examination of documents and cutting red tape on trade foreign exchange receipts. [Photo/IC]

BEIJING - China's foreign exchange regulator has decided to launch a pilot project to facilitate foreign exchange receipts and payments in Guangdong-Hong Kong-Macao Greater Bay Area, Shanghai and Zhejiang province.

The State Administration of Foreign Exchange supports prudent and compliant banks further easing measures in handling trade receipts and payments for creditable enterprises, Shanghai Securities News reported.

These measures include optimizing examination of documents and cutting red tape on trade foreign exchange receipts. For real and legitimate foreign exchange income of trade in goods, enterprises can directly transfer the money to their current accounts or choose to complete foreign exchange settlements.

The banks will not ask enterprises for registrations beforehand any more in doing remittance refund businesses.

The step of electronic information verification for import declaration can be omitted if foreign exchange payments can be confirmed by banks.

The results of the pilot project will be reviewed while the foreign exchange regulator continues to promote trade and investment liberalization and facilitation, the report said.

China will open up wider and significantly ease market access, according to the tone-setting annual Central Economic Work Conference held in Beijing in December.