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China Adopts 12 Foreign Exchange Management Enhancement Measures

The State Administration of Foreign Exchange has announced a raft of 12 new measures designed to optimise foreign exchange management procedures:

  1. Expanding the pilot projects currently focusing on the easier facilitation of foreign exchange receipts and payments in trade
  2. Abolishing the restrictions on the use of capital by non-investment-oriented foreign-invested enterprises when it comes to domestic equity investment
  3. Expanding the pilot projects related to the facilitation of receipts and payments with regards to capital accounts
  4. Easing the restrictions on the use of foreign exchange settlement via capital accounts
  5. Simplifying the receipt and payment procedures available to small and micro cross-border e-commerce enterprises for the trade in goods
  6. Reforming the external debt registration requirements for enterprises
  7. Abolishing the limits on the number of foreign exchange accounts connected to capital accounts
  8. Optimising the foreign exchange business reporting method as it relates to the trade in goods
  9. Easing the restrictions on the opening of export earnings verification accounts
  10. Permitting the registration of corporate branch directories
  11. Initiating pilot projects relating to the overseas transfer of domestic credit assets
  12. Permitting the centralised management of foreign funds by project-contracting enterprises

The above measures – with the exception of item (8) – are to be deemed to have come into force as of 25 October. Item (8) will enter into force on 1 January 2020, allowing due time for the trade in goods foreign exchange monitoring system to be suitably upgraded.

Source: State Administration of Foreign Exchange

Content provided by Picture: HKTDC Research
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