Beijing, China – September 6, 2024
The National Foreign Exchange Administration (SAFE) has emphasized the importance of regulatory innovation and the promotion of new trade models such as cross-border e-commerce and overseas warehouses. During a press conference held by the State Council Information Office on September 5, SAFE Deputy Administrator Li Hongyan highlighted the administration’s commitment to adapting to the digitalization and greenization of trade.
Regulatory Innovation and Trade Evolution
Li Hongyan stated that the SAFE is dedicated to advancing foreign exchange regulatory innovation to keep pace with the evolving trade landscape. The emphasis on digitalization and greenization reflects the administration’s understanding of the changing global economic landscape and its implications for trade.
New Trade Models and Cross-Border E-commerce
The SAFE is particularly focused on supporting new trade models such as cross-border e-commerce and overseas warehouses. These models are seen as critical to fostering economic growth and enhancing international trade. Li Hongyan explained that the administration aims to facilitate the development of these models by creating a supportive regulatory environment.
Enhancing Foreign Exchange Services
In addition to promoting new trade models, the SAFE is also committed to improving foreign exchange services. This includes enhancing services for foreign individuals coming to China, optimizing currency risk management services for enterprises, and expanding the application scenarios and functions of cross-border financial service platforms. The goal is to continuously improve the quality and efficiency of foreign exchange services.
Encouraging Financial Institutions and Payment Providers
The SAFE is encouraging banks and payment institutions to process cross-border e-commerce trade settlements based on electronic information. This move is expected to streamline the trade process and make it more efficient for businesses engaged in cross-border trade.
Cross-Border Financial Service Platforms
The SAFE has also implemented the Enterprise Currency Risk Management Service application scenario on the cross-border financial service platform. This platform is designed to provide comprehensive support for enterprises engaged in cross-border trade, including risk management and financial services.
Regulatory Enforcement
The SAFE has also been active in enforcing regulations and penalizing violations. For instance, a recent case involved the penalty of over 15 million yuan for illegal foreign exchange transactions by individuals.
Conclusion
The SAFE’s focus on regulatory innovation and the promotion of new trade models reflects its commitment to fostering a dynamic and sustainable trade environment. By adapting to the digitalization and greenization of trade, the SAFE aims to support the growth of cross-border e-commerce and overseas warehouses, thereby contributing to China’s economic development and international trade relations.
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