BUSINESS China rolls out pilot program to cut forex red tape


China rolls out pilot program to cut forex red tape

By Dong Feng | People's Daily app

20:24, January 02, 2019

The State Administration of Foreign Exchange (SAFE) will launch a pilot program on foreign exchange receipts and payments facilitation. The program will be available to traders in Zhejiang Province, the Guangdong-Hong Kong-Macao Greater Bay Area and Shanghai.


The Guangdong-Hong Kong-Macao Greater Bay Area (File photo: VCG)

Through convenient measures, the pilot program will help prudent banks provide better services to trading companies with decent credit, according to a post on SAFE’s website on Wednesday. 

The move aims to hone the business environment and accelerate stable and sound economic development. Specific measures include streamlining the review process of trade foreign exchange receipts and payments documents, removing the verification of traders’ foreign exchange income, canceling the registration procedures for special refund business, and simplifying import declaration verification, the post said. 

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