Shanxi further facilitates cross-border trade


On June 1, the registration business of the "Directory of Trade Foreign Exchange Income and Expenditure Enterprises" was adjusted to be directly handled by banks. This move deepens the reform of foreign exchange management in trade and further facilitates cross-border trade.

As of June 11, a total of 640 corporate foreign exchange business bank branches of 25 banks in the province were able to provide directory registration services to enterprises, and 17 directory registrations had been completed for enterprises.

The Shanxi Provincial Branch of the State Administration of Foreign Exchange has established a working group for directory registration reform to establish online communication and contact mechanisms with 25 banks, so as to supervise their preparations and promptly help solve business difficulties they face.

Before the reform, enterprises had to submit materials to the Jinzhong Branch for on-site directory registration. After the normal registration process, it would take another two days to carry out subsequent business. The reform allows enterprises to simultaneously handle directory registration and subsequent trade foreign exchange transactions at the nearest county-level corporate foreign exchange business bank branch.

Moving forward, the Shanxi Provincial Branch of the State Administration of Foreign Exchange will continue to strengthen policy promotion and business guidance to help banks improve their cross-border financial services and enable more foreign-related enterprises to benefit from the foreign exchange management policies.