Beijing, April 07, 2024, The Europe Today: The State Administration of Foreign Exchange (SAFE) of China announced on Sunday the implementation of six measures aimed at optimizing foreign exchange business processes, with a focus on enhancing trade facilitation and supporting the real economy.
According to the circular released by SAFE, these measures are designed to streamline foreign exchange procedures, improve the registration process for foreign trade enterprises, and facilitate cross-border trade settlement and payments for businesses engaged in international trade.
Key aspects of the new policies include:
- Optimization of Foreign Trade Enterprise Registration: The measures aim to simplify and expedite the registration process for foreign trade enterprises, making it more efficient for businesses to engage in international trade.
- Facilitation of Cross-Border Trade Settlement: SAFE intends to enhance cross-border trade settlement mechanisms, allowing enterprises to conduct trade transactions more smoothly and efficiently.
- Streamlining Foreign Exchange Regulations for Goods Trade: The circular emphasizes the streamlining of regulations related to foreign exchange for goods trade, reducing bureaucratic hurdles and ensuring a more conducive environment for trade activities.
These measures underscore China’s commitment to supporting the real economy and promoting trade facilitation amid evolving global economic dynamics.
The circular issued by SAFE specifies that these new policies will come into effect from June 1, 2024. This proactive approach by SAFE reflects China’s ongoing efforts to adapt foreign exchange regulations to meet the needs of businesses and contribute to sustainable economic growth.
The introduction of these measures is expected to have a positive impact on China’s foreign trade environment, fostering greater efficiency and responsiveness in international transactions while bolstering the country’s position as a key player in global trade.
