China is set to roll out a new package of measures to further facilitate cross-border investment and financing, the State Administration of Foreign Exchange said on Friday.
The measures will focus on further facilitating direct investment, advancing high-standard opening-up in cross-border financing and streamlining registration procedures for capital-account transactions, said Xiao Sheng, head of SAFE’s Capital Account Management Department, at a news conference in Beijing.
“We will further simplify foreign exchange settlement and payment procedures under the capital account to stabilize and enhance foreign investment,” Xiao said.
“For Chinese companies going global, we will steadily streamline reviews of outbound fund remittances.”
SAFE will also broaden the scope of entities eligible for cross-border financing facilitation policies and roll out the green foreign debt pilot program nationwide, Xiao said.
The administration will further improve macroprudential management policies for corporate cross-border financing, he added.
On securities investment, Xiao said SAFE will expedite the allocation of a new round of quotas under the Qualified Domestic Institutional Investor program to better meet domestic residents’ reasonable demand for overseas securities investment.
In addition, the administration will delegate more capital-account registration services to banks and make more capital-account services available online, further advancing the digitalization of foreign exchange administration, Xiao said.
Tanks to chinadaily.com.cn
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