China announces package of measures to facilitate cross-border trade

The measures broaden netting settlement varieties for loans and related services fees, lowering the frequency and cost of cross-border remittances, SAFE said.

These also target the rapid growth of new trade models like cross-border e-commerce, and simplify procedures for advance-payment businesses, allowing the direct handling of monetary payments for goods transportation and storage, as well as maintenance fees at banks, according to a state-controlled news agency.

China’s State Administration of Foreign Exchange (SAFE) recently introduced a package of measures to further facilitate cross-border trade receipts and payments and enhance foreign exchange services.
The measures broaden netting settlement varieties for loans and related services fees; target the rapid growth of new trade models; and simplify procedures for advance-payment businesses.

These also permit contracting engineering enterprises to manage overseas funds centrally for projects across multiple countries or regions, improving fund allocation flexibility.

A pilot programme was launched by SAFE for the high-standard opening-up of cross-border trade in 2022, which has been expanded to 11 regions in the country.

Fibre2Fashion News Desk (DS)