State Administration of Foreign Exchange: Enhance Cross-Border Trade Facilitation Level, Actively Support Foreign Trade Stability and Structural Optimization

People’s Financial News, March 19 — On March 17, Zhu Hexin, Secretary of the Party Leadership Group and Director of the State Administration of Foreign Exchange, presided over a Party Leadership Group (Expanded) Meeting. The meeting emphasized that the foreign exchange management system should focus on risk prevention, strengthened regulation, and promoting high-quality development. It should proactively enhance efforts, improve quality and efficiency, study new situations, solve new problems, and implement practical and effective policies to accelerate the realization of tasks and deliver tangible results. This will provide strong support for a good start to the 14th Five-Year Plan.

1. Deepen reform and innovation in the foreign exchange sector. Improve cross-border trade facilitation, actively support stable foreign trade scale and optimized structure. Focus on key areas such as technological innovation and intelligent manufacturing, strengthen foreign exchange policy supply, and continue to develop the “Five Major Financial Articles.” Strengthen evaluation of foreign exchange policies and regional foreign exchange ecosystems, conduct timely assessments of important policies and key tasks, and ensure a full-process closed-loop management from policy issuance to tangible benefits for enterprises and residents, truly benefiting businesses and the public.

2. Unwaveringly promote high-level opening in the foreign exchange sector. Enhance the openness of capital accounts, improve policies such as overseas lending and integrated foreign currency fund pools for multinational companies, and help better expand the international cycle. Promote the development of the foreign exchange market, improve corporate exchange rate risk management, and deepen reforms in bank foreign exchange business to organically combine facilitation and risk prevention.

3. Better respond to external shocks and challenges under new circumstances. Strengthen awareness of changing situations, establish bottom-line thinking, improve monitoring and early warning of cross-border capital flows, and, when necessary, reinforce macroprudential management. Further improve expectation management mechanisms to maintain stable operation of the foreign exchange market. Improve the management of foreign exchange reserves to ensure the safety, liquidity, and appreciation of reserve assets.

4. Improve regulation during and after the occurrence of issues in the foreign exchange sector. Enhance non-on-site supervision capabilities through technological empowerment, strengthen analysis of abnormal channels and clues, and continue cracking down on illegal cross-border financial activities.

5. Persistently advance strict governance of the Party. Solidly carry out education on establishing and practicing correct views on performance, further motivate cadres to take responsibility, unwaveringly promote Party conduct and clean government, and fight corruption. Focus on creating a clean and upright political environment.