The State Administration of Foreign Exchange (SAFE) held a meeting on September 21 emphasizing policies preventing capital efflux and influx while China's service economy is developing steadily and rapidly.
According to SAFE, international capital flows and the international balance of payments will face some uncertainty in the near future. Facing new situations and new challenges, foreign exchange management departments should prioritize management work safeguarding stable and rapid economic development and promoting the basic balance of international payments.
SAFE director Yi Gang pointed out that foreign exchange management departments must promote overall stable and rapid economic development and adhere to policies preventing capital efflux and influx.
Yi Gang also urged foreign exchange management departments to complete work in a number of areas. These include faciliting foreign exchange receipts and disbursing of all kinds of market players; driving the reform of the verification system for forex payment (imports) and forex receipt (exports); continuously improving service trade-related foreign exchange administration; enhancing foreign exchange administration system reform and innovation; securely and orderly promoting opening capital accounts by widening capital outflow channels; steadily promoting innovation in foreign exchange markets and foreign exchange products; providing more risk hedging instruments to enterprises; improving foreign exchange supervision and administration, increasing efforts to conduct system combination; perfecting the cross-border capital audit and monitoring system; driving the construction of the foreign exchange-related legal system, enhancing the openness and credibility of the foreign exchange administration; strengthening the balance of cross-border capital influx and efflux, continuously perfecting the emergency response system for international payments; persistently combating corruption and sparing no effort to educate and supervise cadres; and striving to enhance reform and institutional innovation.
By People's Daily Online