BEIJING, Nov. 5 (Xinhua) -- The State Administration of Foreign Exchange (SAFE), the Chinese forex regulator, decided to expand the pilot scope of three cross-border investment and financing facilitation schemes, reported Xinhua Finance recently.
Since 2022, SAFE has piloted bank registration of foreign debts for eligible non-financial enterprises in 12 Chinese provinces, municipalities and regions, and another scheme to exempt domestic reinvestment of foreign-funded firms from related registration in the above localities and Shaanxi Province.
Last year, a pilot program that allows direct inward remittance of foreign scientific research funds to foreign-funded non-enterprise scientific establishments kicked off in Hetao area of south China's Shenzhen City.
As these pilot programs well served related demands in the pilot areas, SAFE announced on October 31 to implement the first two pilot schemes in more regions including Tianjin, Anhui Province, Shandong Province (including Qingdao City), Hubei Province and Sichuan Province.
Pilot areas of the third pilot program were expanded to cover Shanghai, Beijing, Tianjin, Xiong'an New Area of Hebei Province, Nanjing City, Suzhou City, Hangzhou City, Hefei City, Wuhan City, Changsha City, Guangzhou City, Chongqing, Chengdu City, Mianyang City, Xi'an City and Shenzhen City.
SAFE took the move to better leverage opening up-driven high-quality development in China and stressed balancing financial opening up and safety and strict prevention of systemic financial risks.
(Edited by Duan Jing with Xinhua Silk Road, duanjing@xinhua.org)
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