People's Bank of China and State Administration of Foreign Exchange: Support the pilot program of providing domestic payment services to overseas individuals in Fujian Province to improve the quality of payment services for overseas individuals coming to Fujian.

On June 12, the People's Bank of China and the State Administration of Foreign Exchange jointly issued the "Several Measures on Financial Support for Fujian to Explore a New Path of Integration and Development across the Taiwan Straits and Build a Model Zone for Integrated Development across the Taiwan Straits." It mentions supporting the pilot operation of overseas nationals' domestic payment services in Fujian to improve the level of payment services for foreigners coming to Fujian. Balancing between providing high-quality services and controlling risks, facilitating measures for convenience are to be implemented. Continuous promotion of online account opening. Guiding banks to increase the renovation of ATMs, enable the withdrawal of RMB for overseas bank cards, accelerate the construction of foreign exchange points and deployment of self-service exchange machines in important locations, and enhance the level of foreign exchange services. The "Several Measures" also mention supporting the construction of a multi-level cross-strait financial market. Innovating the ways of cooperation between social capital from both sides of the straits, supporting the innovation and upgrade of the "Taiwan-funded Board" of the Straits Equity Exchange Center, strengthening cooperation with the New Third Board, promoting more qualified Taiwan-funded companies in Fujian to list on the mainland, and encouraging more Taiwan-funded companies to participate in the development of the mainland financial market. The "Several Measures" further mention supporting the high-level opening pilot projects for cross-border trade in Fuzhou, Xiamen, and Quanzhou. Supporting banks to optimize new cross-border trade settlements. Encouraging prudent and compliant banks to innovate financial services, independently handle cross-border trade foreign exchange transactions for high-quality enterprises under pilots who are compliant with regulations. [The text continues with specific policy measures for financial support for Fujian to explore integrated development across the Taiwan Straits.]Allow eligible companies in Fujian Province to handle the integrated fund pool business in both domestic and foreign currencies, centralize the operation and management of domestic and foreign currency funds, and engage in fund collection and balance adjustment, centralized receipt and payment of funds for current projects, and net settlement of rollover amounts, etc.Support the construction of a multi-level cross-strait financial market. Innovate the cooperation between social capital across the strait, support the innovation and upgrade of the "Taiwan Investment Board" in the Taiwan Equity Exchange Center, strengthen cooperation with the New Third Board, promote more high-quality Taiwanese-funded companies in Fujian to go public on the mainland, and encourage more Taiwanese-funded companies to participate in the development of the mainland's financial market. 4. Strengthen financial supervision comprehensively and effectively prevent and resolve financial risks. 11. Steadily promote policy pilots and conduct thorough financial risk assessments. Identify risks early, issue early warnings, expose them early, and dispose of them early. Conduct special monitoring and daily monitoring of pilot banks and high-quality pilot enterprises on a regular basis, summarize and evaluate the operation of the pilots, provide timely guidance to banks to optimize business processes, and improve the effectiveness of the pilots. 12. Strengthen cross-border financial risk monitoring and prevention. Strengthen monitoring and evaluation of the foreign exchange situation and cross-border capital flows, closely monitor changes in cross-border capital flows, structural changes, and development trends, strengthen expectation guidance, prevent risks from crossing regions, markets, and borders. Continuously monitor risks, comprehensively use various methods such as on-site inspections, risk warnings, and promptly and properly dispose of relevant risks. People's Bank of China State Administration of Foreign Exchange June 1, 2025 This article is compiled from the People's Bank of China, GMTEight Editor: Chen Wenfang.