China announced to further expand high-level opening-up for cross-border trade and investment by optimizing business procedures and boosting transaction efficiency.
China's State Administration of Foreign Exchange (SAFE) on Friday announced the expansion of pilot programs of high-level opening-up policies for cross-border trade and investment throughout Shanghai, Jiangsu, Guangdong, Beijing, Zhejiang, and Hainan, according to a statement released by SAFE.
The expansion will help more business entities to conduct cross-border trade and investment in a compliant manner and promote high-quality development through high-level opening-up, SAFE said in a separate notice.
Experts said that the move will further bolster China's high-quality opening-up and continue the strong momentum gained by previous trials, while contributing to stabilizing the nation's fundamentals in foreign investment and trade amid the current complex global environment.
A total of eight measures will be implemented for the trial expansion, which will optimize business procedures and transactions in various aspects.
For instance, when a foreign-invested enterprise engages in domestic reinvestment, the investee enterprises or equity transferors in the pilot areas do not have to register to receive domestic reinvestment.
Prudent and compliant banks in the pilot regions are also encouraged to innovate financial services, and independently handle new international trade settlements.
