State Administration of Foreign Exchange issued the "Notice on Further Facilitating Foreign Exchange Fund Settlement to Support Stable Development of Foreign Trade (Consultation Draft)"

On September 5, the State Administration of Foreign Exchange issued a notice (draft for soliciting opinions) on further facilitating foreign exchange fund settlement to support the stable development of foreign trade. It mentioned expanding the scope of high-level opening pilot areas for cross-border trade. Regions that have genuine needs, good compliance of operating entities, and align with the country's strategic development direction will be supported. After completing the relevant filing procedures, high-level opening pilots for cross-border trade will be implemented according to regulations. Also, optimize foreign exchange fund settlement for comprehensive foreign trade service enterprises. Banks can handle cross-border e-commerce receipts and payments for comprehensive foreign trade service enterprises and their commissioned clients based on transaction electronic information provided by the enterprises. This includes payments for storage, logistics, taxes, and other related expenses incurred abroad for exported goods. They can also offset the aforementioned expenses with export proceeds, while following regulations to report actual payment and receipt data. The original text in Chinese text outlines various measures and policies aimed at facilitating foreign exchange fund settlement to support stable development in foreign trade, as well as improving the efficiency and effectiveness of foreign exchange services for the real economy.