The country’s first cross-regional foreign debt facilitation trial boosted regional integration of foreign exchange management

2022-04-26 0 By

Chengdu, March 14, China News NetworkThe Sichuan branch of the State Administration of Foreign Exchange (SAFE) and the Chongqing Foreign Exchange Management Department jointly launched a pilot program of regional integration of foreign exchange management operations in Chengdu-Chongqing to support the region’s high-level opening-up and high-quality development, the Sichuan branch of the State Administration of Foreign Exchange (SAFE) said Thursday.It is reported that the foreign debt facilitation pilot project in Chengdu-Chongqing region is an important measure taken by the State Administration of Foreign Exchange to support the construction of the twin cities economic circle in chengdu-Chongqing region and promote the rapid development of foreign-related economy in chengdu-Chongqing region. It is the first cross-regional foreign debt facilitation pilot project implemented nationwide and an important innovative measure to explore the integration of regional foreign exchange management.At the end of 2021, the State Administration of Foreign Exchange officially agreed to pilot foreign debt facilitation in Chengdu and Chongqing.At present, the Sichuan Branch of the State Administration of Foreign Exchange and chongqing Foreign Exchange Management Department jointly launched the pilot program according to the approval.It is understood that the foreign debt facilitation pilot includes the following four main businesses: approved qualified non-financial enterprises in Chengdu-Chongqing area, according to the non-financial enterprises foreign debt registration management reform pilot business guidelines to carry out one-time foreign debt registration management reform;Multinational corporations registered with Sichuan Branch or Chongqing Foreign Exchange Administration Department are allowed to choose qualified banks as cooperative banks for centralized cross-border capital operation in different places of Chengdu and Chongqing.Qualified enterprises registered in Chengdu-Chongqing area are allowed to sign, change and cancel foreign debt registration in other places of Chengdu-Chongqing;Qualified enterprises registered in Chengdu-Chongqing areas are allowed to handle foreign debt non-capital transfer foreign debt withdrawal and principal and interest repayment filing in other places in Chengdu-Chongqing.”The implementation of the above pilot policies will greatly facilitate the cross-border financing of qualified enterprises in Chengdu-Chongqing region and the centralized operation of cross-border funds of multinational companies.”The relevant person in charge of sichuan Branch of the State Administration of Foreign Exchange said that it will be conducive to promoting enterprises in Chengdu-Chongqing area to deeply integrate into the international and domestic markets, and make full use of low-cost capital at home and abroad to serve the real economy.It is conducive to the establishment of capital centers, financing centers and settlement centers in Chengdu-Chongqing by qualified multinational companies, providing effective support for the construction of western financial centers.In the next step, Safe Sichuan Branch and Chongqing Foreign Exchange Management Department will strengthen policy publicity and promotion, do a good job of coordinated supervision, actively promote the implementation of various pilot policies, fully release policy dividends, and promote foreign exchange management to better serve the construction of Chengdu-Chongqing Shuangcheng Economic circle.Source: Chinanews.com