Analysis of the Optimization of Trade Foreign Exchange Business Management by the State Administration of Foreign Exchange

Since June 1, 2024, the State Administration of Foreign Exchange has implemented new measures for the management of trade foreign exchange business, aiming to simplify processes, improve efficiency, support small and micro enterprises and e - commerce platforms, strengthen the responsibilities of banks, and promote economic growth and the competitiveness of foreign exchange management.

In order to promote the high - quality development of trade and enhance the ability to serve the real economy, the State Administration of Foreign Exchange has decided to implement new optimized measures for trade foreign exchange business management starting from June 1, 2024. This move is mainly aimed at simplifying the management process, enhancing the flexibility and efficiency of cross - border trade, and ensuring that foreign exchange management is in line with the actual needs of international trade.

(I) Optimize the Registration Management of the Enterprise List for Trade Foreign Exchange Receipts and Payments,
Management Reform
Direct Bank Handling:Cancel the step of approval by the foreign exchange bureau and change it to the direct handling of list registration by domestic banks. This measure reduces administrative links and improves handling efficiency.
Handling Procedures
(1) Registration Requirements:Enterprises need to handle list registration at the bank before the first receipt or payment, and can choose to submit applications online or offline.
(2) Information Change:If there is any change in enterprise information, the list information needs to be updated within 30 days.
(3) Data Preservation:Banks need to review the information submitted by enterprises and preserve relevant materials for five years for future reference.
Handling of Special Situations
Small and Micro Enterprises:Small and micro enterprises with annual goods trade receipts and payments of less than $200,000 can be exempted from list registration.Cross-border E-commerce(II) Simplify the Procedures for Trade Receipts and Payments of Enterprises in Special Customs Supervision Zones

(1) Substantive Review:
Banks need to review the authenticity and rationality of transactions and handle foreign exchange receipts and payments with inconsistent entities.(2) Annotation Mechanism:import and exportIndicate non - declarant in the transaction remarks of the declaration of foreign - related receipts and payments.
(III) Relax the Authority for Exemption from Registration of Special Refunds of Goods Trade(1) Operational Convenience:

For single - transaction amounts equivalent to less than $200,000, if it exceeds 180 days or cannot be returned through the original route due to special circumstances, the bank can handle it directly.
(2) Authenticity Confirmation:Banks need to confirm the authenticity and rationality of the refund and indicate it in the declaration.
(IV) Optimize the Management of Trade Foreign Exchange Business of Class B and Class C Enterprises(1) Improved Supervision:

If the situation of the enterprise improves or is corrected, it can re - handle relevant business after six months.
(2) Continuous Monitoring:The classified supervision and risk management of Class B and Class C enterprises remain continuously effective.
(V) Clarify the Materials for Handling Goods Trade Foreign Exchange Registration BusinessMaterial Integration:

Integrate and clarify the materials required for handling goods trade foreign exchange registration.
(VI) Revise the Documents Related to Goods Trade Foreign Exchange ManagementDocument Update:

Relevant foreign exchange management documents are updated simultaneously to meet the new management needs.
The release of this notice marks the further optimization of the trade foreign exchange business management by the State Administration of Foreign Exchange. This will greatly simplify the foreign exchange management procedures for enterprises, reduce enterprise operating costs, and enhance the flexibility and efficiency of cross - border trade. Especially for small and micro enterprises and e - commerce platforms, the new policy provides more convenience and support, helping to stimulate market vitality and promote economic growth.At the same time, as the main implementer, banks also have increased responsibilities. They need to strengthen their ability to review and supervise trade foreign exchange receipt and payment business to ensure the authenticity and compliance of transactions. In addition, the implementation of this reform also requires relevant institutions to strengthen cooperation and information sharing to ensure the smooth transition and efficient implementation of the policy.

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Analysis of the Optimization of Trade Foreign Exchange Business Management by the State Administration of Foreign Exchange_Shanghai Zhongshen International Trade Import and Export Agency Service