China unveils new measures to facilitate cross-border trade

BEIJING -- China's foreign exchange regulator on Wednesday issued a notice introducing a package of new measures to further facilitate cross-border trade receipts and payments and enhance foreign exchange services, aiming to stabilize the development of foreign trade.

In terms of business types, the measures broaden netting settlement varieties for loans and related services fees, lowering the frequency and cost of cross-border remittances, according to the State Administration of Foreign Exchange (SAFE).

They also target the rapid growth of new trade models such as cross-border e-commerce, which has become a vital support for foreign trade.

For trade in services, the measures simplify procedures for advance-payment businesses, allowing the direct handling of monetary payments for goods transportation and storage, as well as maintenance fees at banks.

They also permit contracting engineering enterprises to manage overseas funds centrally for projects across multiple countries or regions, improving fund allocation flexibility.

These measures build on SAFE's continued efforts to construct a "more credible, more convenient" foreign exchange policy framework.

The SAFE launched a pilot program for the high-standard opening-up of cross-border trade in 2022, which has been expanded to 11 regions in the country.