Viewpoint... SAFE issued a notice to further optimize the management of trade foreign exchange business three major changes worthy of attention.
Published:
2024-04-10
In order to thoroughly implement the spirit of the Central Financial Work Conference, deepen the reform of foreign exchange management of trade in goods, and promote the high-quality development of foreign trade, the State Administration of Foreign Exchange recently issued the "Notice of the State Administration of Foreign Exchange on Further Optimizing the Management of Trade and Foreign Exchange Business."
Under the background of the in-depth development of global economic integration, the scale of China's foreign trade continues to expand, and the trade structure is constantly optimized. In order to thoroughly implement the spirit of the Central Financial Work Conference, deepen the reform of foreign exchange management of trade in goods, and promote the high-quality development of foreign trade, the State Administration of Foreign Exchange recently issued the "Notice of the State Administration of Foreign Exchange on Further Optimizing the Management of Trade and Foreign Exchange Business." The issuance of this notice is of great significance for improving my country's trade facilitation level, optimizing the business environment, and preventing foreign exchange risks. It also reflects the determination and actions of my country's foreign exchange management departments to actively promote the innovation of trade foreign exchange business management.
In order to further optimize the management of trade and foreign exchange business, promote cross-border trade facilitation, and improve the quality and efficiency of serving the real economy, the notice mainly introduces the following new regulations and measures:
Optimization of Foreign Trade Enterprise Directory Registration Management
Optimizing the registration and management of foreign trade enterprise directory is of great significance for improving the level of trade facilitation, standardizing the market order, and strengthening the supervision of the foreign exchange administration. This will help promote the high-quality development of China's foreign trade and provide strong support for the construction of a new open economic system, which is embodied in the following aspects:
Facilitate the settlement of foreign exchange receipts and payments for cross-border trade of enterprises.
Facilitating the settlement of foreign exchange receipts and payments for cross-border trade is of great significance for improving trade efficiency, reducing enterprise costs, promoting trade facilitation and enhancing risk management capabilities. This will help promote the healthy development of global trade and create a better business environment for enterprises. Specifically reflected in the following aspects:
Provisions on the foreign exchange administration of trade in goods
This measure is of great significance for improving policy transparency, promoting trade and investment facilitation, strengthening market supervision and risk prevention and control, and helps to promote the standardization, scientization and efficiency of China's foreign exchange management. to provide strong support for the construction of a new open economic system. Mainly reflected in the following aspects:
Summary
The Notice of the State Administration of Foreign Exchange on Further Optimizing the Management of Trade Foreign Exchange Business will be implemented from June 1, 2024, which is expected to provide enterprises with more efficient and convenient trade foreign exchange services and promote the stable and high-quality development of foreign trade. At the same time, the State Administration of Foreign Exchange will continue to strengthen foreign exchange market monitoring and risk management to ensure the stable operation of the foreign exchange market. We believe that with the joint efforts of the government and all sectors of society, China's foreign trade will usher in a better tomorrow.
For more detailed information, it is recommended to refer directly to the Notice on Further Optimizing the Management of Trade Foreign Exchange Business, which reads as follows:
Notice of the State Administration of Foreign Exchange on Further Optimizing the Administration of Trade Foreign Exchange Business
Huifa [2024] No. 11
The branches of the State Administration of Foreign Exchange in all provinces, autonomous regions, municipalities directly under the Central Government and cities under separate state planning, and all national Chinese-funded banks:
In order to promote the high-quality development of trade and effectively enhance the ability to serve the real economy, the State Administration of Foreign Exchange has decided to further optimize the management of trade foreign exchange business and facilitate the handling of cross-border trade business by business entities. The relevant matters are hereby notified as follows:
1. Optimize the Registration Management of "Trade Foreign Exchange Revenue and Expenditure Enterprise Directory"
The requirements for the registration of the "Trade Foreign Exchange Revenue and Expenditure Enterprise Directory" (hereinafter referred to as the Directory) approved by the branches of the State Administration of Foreign Exchange (hereinafter referred to as the "Foreign Exchange Bureau") shall be canceled, and the directory registration shall be handled directly by domestic banks.
Enterprises (I) to carry out foreign exchange receipts and payments for trade in goods shall register with domestic banks before handling the first receipts and payments. At the time of registration, you can submit the "Trade Foreign Exchange Income and Expenditure Enterprise Directory Application Form" (hereinafter referred to as the "Application Form", see Annex 1) to the bank online or offline. According to the Application Form, the bank shall fill in the enterprise directory information through the bank end of the "Digital External Management" platform (hereinafter referred to as the "Digital External Management" platform) of the State Administration of Foreign Exchange. After filling in, the bank shall inform the enterprise of the Internet end account number and initial password of the "Digital External Management" platform. The enterprise can query the directory registration results through the Internet end of the "Digital External Management" platform. If other domestic institutions or individual industrial and commercial households have an objective need to carry out foreign exchange receipts and payments for trade in goods, they may refer to the relevant provisions of the enterprise. When small and micro cross-border e-commerce enterprises handle foreign exchange receipts and payments for trade in goods on the basis of electronic transaction information, they may be exempted from the registration of the aforementioned list.
If the enterprise name, unified social credit code, legal representative, contact information and registered address of the enterprise in the (II) list are changed, the enterprise shall, within 30 days from the date of occurrence of the change, handle the change of the list information in the domestic bank through online or offline means on the basis of the explanatory materials specifying the change. If the bank finds that the above information of the enterprise has changed, it can actively change the enterprise directory information according to the internal approval process. If the foreign exchange bureau to which an enterprise belongs changes after changing its place of registration, the enterprise shall report to the foreign exchange bureau of the original location. The enterprise cancellation list shall be handled by the foreign exchange bureau in accordance with the regulations.
When a (III) bank fills in or changes the directory information, it shall examine the authenticity of the basic information of the enterprise and keep the paper or electronic materials for 5 years for future reference.
The enterprises engaged in foreign exchange receipts and payments for trade in goods referred to in this Article do not include payment institutions and banks that provide agency settlement and sale of foreign exchange and related fund collection and payment services for cross-border trade in goods by means of electronic transaction information. Small and micro cross-border e-commerce enterprises refer to cross-border e-commerce enterprises whose annual accumulated amount of foreign exchange received or paid in goods trade is less than the equivalent of US $200000 (excluding).
2. Simplify Procedures for Trade Income and Expenditure of Enterprises in Special Customs Supervision Areas
When an enterprise in the special customs supervision area handles the foreign exchange revenue and expenditure business of goods trade, if the import and export unit is another institution due to business needs, the bank may, in accordance with the principle of exhibition, examine the authenticity and rationality of the transaction and the relevant materials that are inconsistent with the import and export subject, and indicate "non-declarant" in the postscript of the foreign-related income and expenditure declaration transaction ".
3. Relaxation of Business Authority for Exemption from Registration of Special Refunds for Trade in Goods
If a Class A enterprise has a single equivalent value of less than US $200000 (inclusive), the refund date and the original receipt and payment date are more than 180 days (excluding) or due to special circumstances, the goods trade refund that cannot be returned by the original route can be handled directly in the bank, unless otherwise specified. When handling the above-mentioned business for the enterprise, the bank shall confirm the authenticity and reasonableness of the withdrawal of foreign exchange beyond the deadline or the inability to return the foreign exchange, and indicate in the postscript of the foreign-related income and expenditure declaration transaction "the type of special return of foreign exchange (such as over-deadline, non-original return)".
4. Optimize the Management of Trade and Foreign Exchange Business of Class B and C Enterprises
When a Class B or C enterprise handles deferred collection or deferred payment business for more than 90 days (excluding), if the situation that led to the listing of Class B or C enterprises has been improved or corrected within the validity period of classified supervision, and there is no new listing of Class B or C enterprises, it can register with the local foreign exchange bureau 6 months after the listing of Class B or C enterprises, the bank shall handle the business for the enterprise on the basis of the Registration Form for Trade Foreign Exchange Business (see Annex 2).
5. to clarify the foreign exchange registration business of goods trade materials.
Integrate the "Notice of the State Administration of Foreign Exchange on Issuing Foreign Exchange Management Regulations on Trade in Goods" (Huifa [2012] No. 38) and the "Notice of the State Administration of Foreign Exchange on Issuing the" Current Account Foreign Exchange Business Guidelines (2020 Edition) "(Huifa [2020] No. 14) The relevant provisions on the foreign exchange registration business of trade in goods are clarified (see Annex 3).
6. revision of instruments relating to foreign exchange management of trade in goods
The Notice of the State Administration of Foreign Exchange on Issuing the Guidelines for Current Account Foreign Exchange Business (2020 Edition) (Huifa [2020] No. 14) attached to the Notice of the State Administration of Foreign Exchange on the Classification Conclusion Notice of the State Administration of Foreign Exchange XX Branch (Branch) Bureau, the Risk Warning Letter of the State Administration of Foreign Exchange XX Branch (Branch) Bureau and the Verification Notice of the State Administration of Foreign Exchange XX Branch (Branch) Bureau were revised simultaneously (see Annex 4-6).
This Notice shall be implemented as of June 1, 2024, and the Notice of the State Administration of Foreign Exchange on Issues Concerning the Issuance of Foreign Exchange Administration Regulations on Trade in Goods (No. 38 [2012] of the State Administration of Foreign Exchange) shall be repealed simultaneously. If the previous provisions are inconsistent with the contents of this notice, this notice shall prevail. After receiving this notice, each branch of the State Administration of Foreign Exchange shall promptly forward it to the mainland (city) branch, urban commercial banks, rural commercial banks, wholly foreign-owned banks, Sino-foreign joint venture banks, branches of foreign banks and rural cooperative financial institutions under their jurisdiction, and all national Chinese-funded banks shall promptly forward it to their subordinate branches. In case of any problems in the implementation, please give feedback to the local foreign exchange bureau in time.
Notice is hereby given.
State Administration of Foreign Exchange
3 April 2024
Key words:
Related News
Zhongcheng Qingtai Jinan Region
Address: Floor 55-57, Jinan China Resources Center, 11111 Jingshi Road, Lixia District, Jinan City, Shandong Province
