A regional integration pilot area of foreign exchange management in Chengdu-Chongqing area in southwestern China has been jointly launched, according to a statement of the Sichuan Branch of the State Administration of Foreign Exchange (SAFE) on March 14.

 

( Photo by Zhang Xiangsheng)

 

The launch of the pilot area, the first of its kind in China, is an important step to facilitate development of foreign-related business in Chengdu-Chongqing area and explore the integration of regional foreign exchange management, the statement read.

 

Four major businesses will operate in the pilot area: eligible non-financial companies will be allowed to conduct one-off foreign exchange registration management reform; recorded transnational companies in SAFE Sichuan Branch or Chongqing Foreign Exchange Management Department are allowed to choose eligible banks for cooperation in cross-border capital centralized operation; eligible companies are allowed to sign, alter and cancel foreign debt remotely; eligible companies are allowed to withdraw non-financial transferred foreign debt and remotely record the act of repaying capital with interest.

 

The pilot area will further facilitate the remote cross-border financing of eligible companies in Chengdu-Chongqing area, and the centralized operation of cross-border capital of transnational companies will also be boosted.

 

The next step is to implement relevant pilot policies to accelerate construction of the Chengdu-Chongqing economic circle, according to the statement.

 

 

Edited by Lei Lei

Source: people.cn