ISSUING AUTHORITIES:

Ministry of Commerce

People’s Bank of China

National Financial Regulatory Administration

State Administration of Foreign Exchange

DATE OF ISSUANCE:

July 12, 2024

EFFECTIVE DATE:

July 12, 2024

The Ministry of Commerce, the People’s Bank of China, the National Financial Regulatory Administration and the State Administration of Foreign Exchange jointly issued the Opinions on Strengthening Commercial and Financial Coordination and Further Supporting High-Quality Development of Cross-Border Trade and Investment (the “Opinions”).

There are 11 policies in 5 aspects proposed in the Opinions. First, comprehensive financial services for foreign trade shall be optimized. Goods trade shall be upgraded and the services for credit, credit insurance, policy financing, property insurance, etc. shall be enriched and improved; the cultivation of new momentum for foreign trade shall be accelerated, and high-quality services shall be provided for international cooperation in foreign trade supply chain, cross-border e-commerce export, and green trade; more efforts shall be made to develop the trade in services and digital trade, and more support shall be provided for trade in services funds, intangible asset pledge and financing, data element insurance. Second, financial services for foreign capital shall be further strengthened. Third, economic and financial cooperation and outward investment cooperation under the Belt and Road Initiative shall be deepened and the diversified investment and financing services shall be improved. Fourth, the payment and settlement environment shall be optimized. Fifth, cross-border trade, investment and financial risks shall be better prevented and controlled.

Reference:

商务部、中国人民银行、金融监管总局、国家外汇局联合印发《关于加强商务和金融协同 更大力度支持跨境贸易和投资高质量发展的意见》