Zhu Hexin: Forex services significantly boost the quality and efficiency of the real economy.

Zhu Hexin, director of the State Administration of Foreign Exchange, stated at a press conference on the 22nd that the foreign exchange service environment of "the more honest, the more convenient" has been further optimized. Banks are supported to adopt corresponding facilitation measures based on the credit status of enterprises, significantly reducing the time for business transactions. The number of enterprises that can handle transactions based on instructions has increased by more than 5 times since the end of 2020. The administrative licensing business of the foreign exchange administration has decreased by over 70% by cancelling the registration of trade foreign exchange. The institutional opening in the field of foreign exchange has steadily expanded. Basic convertibility under direct investment has been achieved, and a cross-border investment system arrangement dominated by institutional investors, mutual access mechanisms, and direct market access for overseas investors has been formed for cross-border securities investment. Macro-prudential management has been implemented for cross-border debt financing. We have also unified the exchange rules of QFII/RQFII and direct market entry for the bond market and other open channels. We are promoting the formation of a concise and unified policy framework for cash pools, which has benefited more than 1,000 multinational groups and 19,000 domestic and foreign member enterprises. We are improving the management of panda bonds, overseas listings, etc. We support the construction of international financial centers in Shanghai and Hong Kong and pioneer foreign exchange innovation policies in key areas such as free trade pilot zones, Hainan Free Trade Port, and the Guangdong-Hong Kong-Macao Greater Bay Area.