Further optimization of trade and foreign exchange business management
2024-10-14
I thought I had to travel over 140 kilometers back and forth to the site of the foreign exchange bureau to handle business, but after the new policy was introduced, it could be done at nearby banks. The staff patiently guided me, and in less than 20 minutes, I completed the registration of the enterprise directory and the opening of the foreign exchange account, saving time and effort! "Hou Lanxia, the person in charge of Kubic Intelligent Equipment (Guangdong) Co., Ltd., who is handling foreign exchange business at the Agricultural Bank of China Boluo County Branch in Guangdong, told reporters. The efficient service of banks originates from another optimization of the management of foreign exchange business in goods trade. Starting from June 1st this year, the State Administration of Foreign Exchange officially implemented the "Notice on Further Optimizing the Management of Foreign Exchange Business in Trade" (hereinafter referred to as the "Notice"), deepening the reform of foreign exchange facilitation in goods trade from multiple aspects and further enhancing the level of cross-border trade facilitation. According to relevant regulations, before conducting foreign exchange revenue and expenditure business in goods trade, foreign trade enterprises need to complete the registration of the list of foreign exchange revenue and expenditure enterprises. Previously, as part of administrative licensing management, enterprises were required to register their names with the local foreign exchange bureau. The new policy has abolished the administrative license for foreign exchange bureaus to handle directory registration and replaced it with direct processing by banks. Data shows that as of the end of August, banks across the country have processed approximately 42000 directory registration transactions, effectively saving time costs for enterprises and improving the efficiency of enterprise fund settlement. According to relevant research, banks can generally complete the registration and processing procedures for the directory within 15 minutes, which is significantly shorter than the average processing time before the issuance of the Notice (about 1 working day). Relaxing the bank's special refund authority for goods trade and refunding payments is a common situation that import and export enterprises may encounter in their daily operations. It is reported that the State Administration of Foreign Exchange has classified the list of trade foreign exchange receipts and payments enterprises into three categories: A, B, and C, based on their compliance with foreign exchange management regulations and other factors. Previously, the State Administration of Foreign Exchange implemented registration management for special foreign exchange refunds for goods trade with an equivalent value of over 50000 US dollars for A-class enterprises. The Notice has relaxed the authority of banks to handle special refunds for goods trade, and raised the standard for banks to handle special refunds for goods trade of A-class enterprises from the current equivalent of 50000 US dollars to the equivalent of 200000 US dollars. The company mainly engages in the import and export of aviation parts, and due to strict standards and high time requirements for parts, there are frequent currency refunds. Previously, the company needed to arrange dedicated personnel to prepare the registration materials for foreign exchange refunds, and frequently went to the foreign exchange bureau to handle business, resulting in high management costs The relevant business person in charge of Xinmao Tiancheng (Beijing) Aviation Technology Co., Ltd. said. After the implementation of the Notice, the enterprise has completed 5 special remittance refund transactions with an equivalent value of less than 200000 US dollars at the Beijing branch of Ningbo Bank The person in charge said that on average, each special remittance transaction can be completed in just half an hour, significantly reducing the management and "foot costs" of the enterprise. It is reported that after the implementation of the new policy, about 50% of the special refund registration business for goods trade in China does not need to go to the foreign exchange bureau for processing. Data shows that as of the end of August, banks have processed approximately 800 special remittance refund facilitation services. Simplify the procedures for trade receipts and payments of enterprises in customs special supervision areas. It is reported that for foreign exchange business in goods trade in customs special supervision areas, enterprises can adopt a transaction method where the flow of funds does not correspond to the flow of goods. Before the implementation of the new policy, when enterprises in the area handle transactions with foreign exchange receipts and payments that are inconsistent with the import and export entities, banks need to review customs supervision documents and written explanations of the inconsistency between the entities on the basis of authenticity verification. Considering the continuous improvement of banks' business development capabilities in recent years, the Notice allows banks to independently decide the types of transaction documents to be audited in accordance with substantive compliance requirements, based on due diligence on the authenticity, reasonableness, and reasons for inconsistencies in the subject of trade, in order to facilitate the real and compliant trade settlement of enterprises in the area The head of the relevant department of the State Administration of Foreign Exchange said. At present, the "Notice" has been issued for more than 4 months. How to make the series of convenient measures better benefit the vast number of business entities? The head of the relevant department of the State Administration of Foreign Exchange stated that the State Administration of Foreign Exchange actively conducts training and interprets the requirements of the Notice; Produce video tutorials and system operation manuals for banks to refer to, and publish policy Q&A through official websites and WeChat accounts; Continuously tracking and researching to understand the business processing situation, ensuring the smooth implementation of various facilitation policies. Next, the State Administration of Foreign Exchange will take multiple measures to improve the quality and efficiency of foreign exchange services for the real economy, further optimize the business environment, and help promote stable and high-quality foreign trade. (New Society)
Edit：Yao Jue Responsible editor：Xie Tunan
Source：People.cn
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