SAFE Notification on Further Deepening Reform to Facilitate Cross-Border Trade and Investment Released for Public Comments
ISSUING AUTHORITY:
State Administration of Foreign Exchange
DATE OF ISSUANCE:
July 24, 2023
EFFECTIVE DATE:
July 24, 2023
On July 24, 2023, State Administration of Foreign Exchange is soliciting public comments on the Notification on Further Deepening Reform to Facilitate Cross-Border Trade and Investment (Draft for Comments) (the “Notification”), with a deadline of August 2, 2023 for comments.
The policies proposed in the Notification include 10 items in three aspects. The first is to improve the opening-up policy for cross-border trade, including optimizing foreign exchange administration of market procurement trade, relaxing netting settlement of balance of payments for processing trade, improving collection and payment of cross-border trade capital under agency, and facilitating settlement of foreign exchange capital of operating lease of domestic entities. The second is to increase measures for facilitating capital accounts, including formulating policies for facilitating cross-border financing of technology-based SMEs, relaxing upfront fee limits for ODI, facilitating payment and utilization of equity transfer funds and funds raised from overseas listing under domestic reinvestment of FDI. The third is to optimize administrative measures for foreign exchange of capital accounts, including improving administration of negative list of use of income of capital accounts, canceling approval for opening of foreign debt accounts in different places, and simplifying certain accounts under capital accounts.
Reference:
《關于《國家外匯管理局關于進一步深化改革促進跨境貿易投資便利化的通知（征求意見稿）》公開征求意見的通知》
