According to the website of the State Administration of Foreign Exchange, in order to further promote the facilitation of cross-border trade and investment, the State Administration of Foreign Exchange has drafted the Notice of the State Administration of Foreign Exchange on Further Deepening Reform and Promoting the Facilitation of Cross border Trade and Investment (Draft for Comments), which is now open to the public for comments. The deadline for feedback is August 2, 2023. The policy in the draft includes 10 items in three aspects: first, improve the cross-border trade Glasnost, second, expand capital account facilitation measures, and third, optimize capital account foreign exchange management measures. Among them, it is proposed to relax the restrictions on the scale of initial expenses for overseas direct investment (ODI). The restriction on the cumulative outward remittance of initial expenses for overseas direct investment by domestic enterprises not exceeding the equivalent of 3 million US dollars shall be lifted, but the cumulative outward remittance shall not exceed 15% of the total planned investment by the Chinese side. (New News Agency)