Foreign exchange bureau strengthens the construction of cross-border financial blockchain service platform to ease the financing difficulties and expensive financing problems of small and medium-sized enterprises

Source: Securities Daily

For companies currently affected by the epidemic, what policies or measures support resumption of work and production, and for enterprises in non-epidemic prevention and control areas, what support measures are there? Xuan Changneng, Deputy Director of the State Administration of Foreign Exchange At a press conference held by the State Council in response to the joint prevention and control mechanism of the new coronavirus infection and pneumonia epidemic, the SAFE system will do a good job with a high sense of responsibility and mission, and provide strong support for enterprises to resume work and resume production and restore social and economic order.

The first is to open up a “green channel” for foreign exchange business, and to provide efficient and convenient services for enterprises to resume work and resume production.

For foreign exchange business involved in the backlog of trade and investment activities affected by the epidemic situation, the import of key materials and products during the resumption of production and production of enterprises, and the expansion of supply of key anti-epidemic materials production and circulation enterprises, the foreign exchange bureau will guide banks We will speed up the handling of urgent matters, simplify the application process, speed up the application process, support the recovery of trade and investment activities as soon as possible, and strengthen support to Hubei and key industries and enterprises.

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The second is to speed up the implementation of 12 trade and investment facilitation measures adopted by the State Council Standing Committee.

Measures include the expansion of six trade facilitation measures for facilitation of foreign exchange receipts and payments of trade, simplification of small and micro cross-border e-commerce enterprises' revenue and expenditure procedures for goods trade, and optimization of reporting methods for foreign exchange business in goods trade. Six cross-border investment and financing facilitation measures, including pilot projects, reforming the management of corporate foreign debt registration, and removing restrictions on the number of foreign exchange account openings for capital accounts.

From the perspective of practical results, since the introduction of these facilitation measures, the time and labor costs for companies to handle related businesses have been significantly reduced, cross-border trade investment and financing has become more convenient, the business environment has been further optimized, and trade and investment and the development of the real economy have actually benefited. In the next step, based on the current epidemic situation and the actual needs of resumption of work and production, we will continue to accelerate the in-depth implementation of 12 facilitation measures to take effect and highlight the relevant work of industrial enterprises, especially private enterprises, small and medium-sized enterprises that have been severely affected by the epidemic.

Third, it is supported by technical means to facilitate cross-border trade investment and financing and foreign exchange settlement for small and medium-sized enterprises.

On the one hand, the construction of a cross-border financial blockchain service platform is strengthened to alleviate the problems of financing difficulties and expensive financing for SMEs. In March last year, the foreign exchange bureau began the pilot work of a cross-border financial blockchain service platform. As of February 3 this year, the scope of the pilot has been expanded to 22 provinces, autonomous regions and municipalities, and more than 170 legal person banks have joined on their own. Billion US dollars, serving nearly 2,500 companies, of which SMEs accounted for 75%. Since the Spring Festival holiday, the platform has completed a total of 171 financing loans, more than 200 million US dollars, serving 87 companies. Especially in January this year, Hubei was included in the platform's pilot scope. Foreign-related enterprises in Hubei, especially small and medium-sized enterprises, will also enjoy more favorable and convenient conditions for financial credit support such as export trade financing.

On the other hand, we will continue to simplify the procedures for small and micro cross-border e-commerce companies' trade in goods and services, further facilitate cross-border e-commerce settlements, and guide banks and payment institutions to provide market entities with electronic payment services under current accounts based on transaction electronic information, further facilitating small and medium-sized businesses Cross-border e-commerce trade settlement for micro-enterprises, improving the efficiency of fund settlement for small, medium and micro enterprises.

The fourth is to optimize the convenience of foreign exchange business

The operation process of the "State Administration of Foreign Exchange Administration's Online Service System for Administrative Affairs" was issued to facilitate the public to apply for foreign exchange administrative permits through online channels.

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