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China's Xinjiang issues guidelines to improve business environment for foreign-related economic activities

May 22, 2020


Abstract : Northwest China's Xinjiang Uygur Autonomous Region has recently issued guidelines to further improve its business environment for foreign-related economic activities, reported Xinjiang Daily Thursday.

BEIJING, May 22 (Xinhua) -- Northwest China's Xinjiang Uygur Autonomous Region has recently issued guidelines to further improve its business environment for foreign-related economic activities, reported Xinjiang Daily Thursday.

Released by State Administration of Foreign Exchange Xinjiang Uygur Autonomous Region Sub-Bureau, the guidelines specify 14 measures cover three main aspects including policy-making, service system and market environment in a bid to further improve Xinjiang's business environment for foreign-related economic activities and boost its foreign economic development.

According to the guidelines, sub-bureaus of Administration of Foreign Exchange and banks in Xinjiang will handle foreign exchange and cross-border RMB business involved in enterprises' work and production resumption and circulation of anti-epidemic materials in accordance with special principles.

Relevant departments should provide accurate cross-border financing policy services, broaden financing channels and encourage enterprises to use RMB settlement to avoid exchange rate risks and reduce exchange costs complying with market rules.

Relevant departments would actively implement online management system for government services, support the development of new trade formats such as cross-border e-commerce comprehensive test areas cooperating with the commercial departments, and strengthen the communication with enterprises participating in the Belt and Road construction.

As for the market environment, sub-bureaus of Administration of Foreign Exchange would use flexible supervision methods to build up a fair and orderly market. Deep cooperation with commerce, tax, customs and public security departments is expected to be strengthened through data sharing and other ways in order to jointly improve the business environment in Xinjiang.  (Edited by Gao Jingyan with Xinhua Silk Road, gaojingyan@xinhua.org)

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Keyword: Xinjiang business environment

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