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China introduces policies to help enterprises with foreign exchange business

en.people.cn

2020-02-19

 

The State Administration of Foreign Exchange (SAFE) of China has rolled out measures to help enterprises deal with foreign exchange-related business amid the pneumonia outbreak.

 

The SAFE has established a green channel that enables enterprises to pay for imported medical supplies, accept donations and a few other items in a much simpler way.

 

Data suggests that 1,370 items of business were handled though the green channel from Jan. 27 to Feb. 12, with 70 from Hubei province involving paid services for the purpose of bringing imported masks, protective clothing and etc.

 

For market entities, 86 percent of foreign exchange administrative licenses could be applied for on the online processing system under the administration, with 466 online applications concluded during the period.

 

The administration also encourages individuals to handle routine foreign exchange business, such as payment of tuition fees abroad through online channels amid the pneumonia outbreak.

 

From Jan. 27 to Feb. 12, individuals dealt with a total of 915,000 foreign exchange transactions, 91 percent of which were conducted online.

 

China will strengthen the construction of cross-border financial blockchain service platforms to ease financing for small and medium-sized enterprises and continue to simplify the transaction procedures needed to facilitate cross-border trade, investment and financing as well as foreign exchange settlement, said Xuan Changneng, deputy head of the SAFE.

 
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