Shanghai branch of Bank of Communications is one of the first batch of pilots, and high-quality enterprises in Lingang enjoy fast foreign exchange settlement

2022-06-25 0 By

As the only large state-owned bank headquartered in Shanghai, BoCOM Shanghai Branch has organically combined its regional advantages with the strategic advantage of “taking the road of internationalization and integration and building the best wealth management bank”, and formulated supporting financial service measures.Bocom Shanghai Branch took part in the “Launching Meeting of the Pilot Reform of Cross-border Trade and Investment High-level Open Foreign Exchange Management in Lingang New Area of China (Shanghai) Pilot Free Trade Zone” yesterday and signed a cooperation agreement on high-level open financial services with Eckson (Shanghai) Enterprise Management Co., LTD.On the same day, the branch directly handled the foreign exchange receipts and expenditures under current account according to the instruction of Shanghai Guowei Siilxin Technology Co., LTD., a high-quality enterprise, and realized the rapid settlement of the enterprise.The Shanghai Branch of the State Administration of Foreign Exchange (SAFE) has recently issued the Implementation Rules for the Pilot Reform of Foreign Exchange Management in Lingang New Area of China (Shanghai) Pilot Free Trade Zone to Carry out High-level Opening-up of Cross-border Trade and Investment, to further enhance the ability of foreign exchange management to serve the real economy.On February 11, bank of communications Shanghai branch received the State Administration of Foreign Exchange bureau of Shanghai about agreed to carry out cross-border trade and investment in the lingang new high level often open foreign exchange management reform pilot project approval of business registration, be among the first to obtain new area lingang cross-border trade and investment for foreign exchange management reform often high level project pilot qualification of one of the four Banks.The pilot program covers nine capital account reform measures and four current account facilitation measures.We will expand channels for cross-border investment and financing for enterprises in four areas: launching trials to facilitate the external debt of non-financial enterprises, supporting cross-border investment by cross-border equity investment funds, prudently opening cross-border asset transfer, and launching integrated capital pools for multinational companies in both domestic and foreign currencies.To carry out the “pipes” reform, including 6: convenience often project cash receipts and payment, support for optimizing the new international trade settlement, orderly expansion of trade balance rolling netting enterprise scope, cancel the goods trade special reexchange registration and territory from the registration of enterprises with foreign investment, the main business registration of foreign exchange capital account by the bank to deal with.Restrictions on the exchange of capital accounts will be eased in three ways: expanding the scope of use of income from capital accounts, moderately allowing enterprises to choose their own currencies for cross-border investment and financing, and moderately raising the ceiling on overseas lending by non-financial enterprises.Bocom Shanghai Branch has always been actively serving and integrating into national major strategies, and insisting on improving the quality and efficiency of financial services.In terms of capital projects, bank of communications Shanghai branch successful landing reinvestment from registration of foreign-funded enterprises in China business, by registered in Shanghai lingang new area good network technology co., LTD., a settlement of exchange to pay in RMB account, enterprises need not receive territory registration, related investment funds directly to delimit business capital projects – the settlement of exchange to pay account,Effectively save the “bottom cost” of enterprises, and help enterprises to invest in the new area.In the next stage, boCOM Shanghai Branch, under the guidance of SAFE Shanghai Branch, will support the construction of lingang New area in China (Shanghai) Pilot Free Trade Zone, continuously promote the deepening of reform in the new area, respond to the high-level opening-up with high-level implementation, promote the replication and promotion of pilot businesses, improve their quality and efficiency.Author: Tang Weijie Editor: Zhu Yue Responsible editor: Rong Bing * Wenhui exclusive manuscript, reproduced please indicate the source.