Title:The capital account management department will continue to promote cross-border investment and financing facilitation

In recent years，in face of the complex and ever-changing international and domestic economic and financial situation，our capital account foreign exchange management department，guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era，has been implementing the decisions and arrangements of the Party Central Committee and the State Council and further promoting the reform and opening up of capital account management. On one hand，cross-border investment and financing facilitation has been vigorously promoted，a series of facilitation policies and measures were introduced，administrative approvals were streamlined，government services were improved and the business processing of market entities was facilitated. On the other hand，capital account reform was further deepened with its openness raised to a higher level. Direct investment has achieved a relatively high level of opening up，cross-border securities investment channels continued to expand，and cross-border financing restrictions were significantly relaxed.

After years of practical exploration，the Guidelines on Foreign Exchange Business under Capital Account (hereinafter referred to as the Guidelines) have become a crucial reference for foreign exchange management departments at all levels and market entities such as banks，enterprises in practicing capital account businesses. Also，it has played an active role in implementing capital account foreign exchange management policies，regulating and facilitating the handling of capital account foreign exchange business，and promoting the constructive interaction between foreign exchange administration departments and all sectors of society. In order to further promote capital account management reform，certain revisions were made to the Guidelines in 2020，and the concepts of serving real economy and facilitating market entities were thereby included.