Title : On the Notice by the State Administration of Foreign Exchange on Further Facilitating Cross-Border Trade and Investment

01

Q: What measures will be taken in order to implement the pilot program on facilitating foreign exchange receipts and payments related to the trade in goods?

A: In the Notice by the State Administration of Foreign Exchange on Further Facilitating Cross-border Trade and Investment (SAFE Document No. 28 [2019] to be referred to as the Notice)，Article 1 - Expanding the pilot program of facilitating foreign exchange receipts and payments in trade - refers to expanding the regional scope and business scope of the program on the basis of its initial pilot in the Guangdong-Hong Kong-Macao Greater Bay Area，Shanghai and Zhejiang. Similar to previous pilot programs，local SAFE authorities will formulate their own pilot plan based on the actual needs in their area. They will then announce conditions，procedures and management requirements to the public. Eligible banks may，in accordance with the provisions，submit a filing with SAFE and conduct this business as part of the pilot program.