Fujian's pilot program for high-level opening up of cross-border trade expands to the whole province

CGTN Fuzhou, April 9th (Reporter Gong Wen) Recently, the Fujian Branch of the State Administration of Foreign Exchange issued a notice on promoting the expansion and improvement of the pilot program for high-level opening up of cross-border trade, expanding the pilot program from Fuzhou, Xiamen, and Quanzhou to the whole province.

It is reported that the pilot measures have increased from the original 5 to 8, building a "more convenient, more open, safer, and smarter" foreign exchange management system and mechanism, and assisting the high-quality development of foreign trade in Fujian Province. Expanding the scope and improving the quality will further enhance the facilitation of cross-border trade settlement for foreign trade enterprises in Fujian Province from multiple aspects such as beneficiaries, fund settlement, business processes, and bank expansion.

Previously, the pilot program for high-level opening up of cross-border trade in Fujian has been implemented in Fuzhou, Xiamen, and Quanzhou for nearly two years. As of the end of March this year, 34 pilot banks and 1260 high-quality enterprises from the three regions have participated, handling a total of 497000 pilot transactions with a total amount of 103.25 billion US dollars.