Circular of the State Administration of Foreign Exchange on Further Optimizing the Administration of Trade Foreign Exchange Business

Branches of the State Administration of Foreign Exchange in all provinces, autonomous regions, municipalities directly under the Central Government and cities specifically designated in the state plan, and all national Chinese-funded banks:

　　In order to promote the high-quality development of trade and effectively enhance the ability to serve the real economy, the State Administration of Foreign Exchange has decided to further optimize the management of foreign exchange business for trade and facilitate the handling of cross-border trade business of business entities. The relevant matters are hereby notified as follows:

　　1. Optimize the registration and management of the "Directory of Enterprises with Foreign Exchange Receipts and Payments for Trade".

　　The requirement for the State Administration of Foreign Exchange (hereinafter referred to as the State Administration of Foreign Exchange) to approve the registration of the "Directory of Enterprises with Foreign Exchange Receipts and Payments for Trade" (hereinafter referred to as the Directory) has been abolished, and the registration of the Directory has been directly handled by domestic banks.

　　(1) Enterprises engaged in the business of foreign exchange receipts and payments for trade in goods shall register in the directory of domestic banks before handling the first receipts and payments. At the time of registration, the Application Form for the Directory of Trade Foreign Exchange Receipts and Payments Enterprises (hereinafter referred to as the "Application Form", see Annex 1) can be submitted to the bank online or offline. Banks shall, in accordance with the Application Form, fill in the information of the enterprise directory through the "Digital SAFE" platform of the State Administration of Foreign Exchange (hereinafter referred to as the "SAFE") on the bank side, and inform the enterprise of the Internet account number and initial password of the "Digital SAFE" platform after the completion of the application, and the enterprise can check the registration results of the directory through the Internet end of the "Digital SAFE" platform. If other domestic institutions or individual industrial and commercial households have an objective need to carry out foreign exchange receipts and payments for trade in goods, they may refer to the relevant provisions of the enterprise. Small and micro cross-border e-commerce enterprises may be exempted from the above-mentioned directory registration when handling foreign exchange receipts and payments for trade in goods with electronic transaction information.

　　(2) Where there is a change in the enterprise name, unified social credit code, legal representative, contact information, or registered address of an enterprise in the directory, the enterprise shall, within 30 days from the date of the change, handle the change of directory information in a domestic bank through online or offline means on the basis of explanatory materials listing the changes. If the bank finds that the above-mentioned information of the enterprise has changed, it may take the initiative to change the information in the enterprise directory according to the internal approval process. If the foreign exchange bureau to which the enterprise belongs after changing the place of registration, the enterprise shall report to the foreign exchange bureau of the original place. The cancellation of the list of enterprises shall be handled by the State Administration of Foreign Exchange in accordance with regulations.

　　(3) When the bank fills in or changes the directory information, it shall review the authenticity of the basic information of the enterprise and retain the paper or electronic materials for 5 years for future reference.

　　For the purposes of this Article, the term "enterprises engaged in foreign exchange receipts and payments for trade in goods" does not include payment institutions and banks that provide foreign exchange settlement and sales agency and related fund receipt and payment services for business entities for cross-border trade in goods based on electronic transaction information; Small and micro cross-border e-commerce enterprises refer to cross-border e-commerce enterprises whose annual cumulative amount of foreign exchange receipts or payments for trade in goods is less than the equivalent of US$200,000 (exclusive).

　　2. Simplify the trade payment and payment procedures for enterprises in areas under special customs supervision

　　When an enterprise in a special customs supervision area handles the foreign exchange receipts and payments for trade in goods, if the import and export entity is another institution due to business needs, the bank may, in accordance with the principle of business development, review the authenticity and reasonableness of the transaction and the relevant materials of the receipt and payment of foreign exchange that are inconsistent with the import and export entity, and indicate "not a customs declarant" in the postscript to the foreign-related revenue and expenditure declaration transaction.

　　3. Relax the exemption from the registration authority for special foreign exchange refunds for trade in goods

　　If a single transaction equivalent to less than US$200,000 (inclusive) of a Class A enterprise is returned, the return date is more than 180 days (exclusive) between the date of return and the original date of receipt and payment, or the return of goods trade cannot be returned in the original way due to special circumstances, it can be handled directly at the bank, unless otherwise specified. When handling the above-mentioned business for the enterprise, the bank should confirm the authenticity and reasonableness of the overdue or inability to return the foreign exchange in the original way, and indicate the "special foreign exchange refund + foreign exchange refund business type (such as overdue and non-original refund)" in the postscript of the foreign-related income and expenditure declaration transaction.

　　4. Optimize the management of foreign exchange business of Class B and C enterprises

　　When a Class B or C enterprise handles a deferred collection or deferred payment business for more than 90 days (exclusive), if the situation that previously led to the inclusion of Class B and C enterprises has been improved or corrected during the validity period of classified supervision, and there is no new situation of being listed in Class B and C enterprises, it can register with the local foreign exchange bureau after 6 months from the date of listing in Class B and C enterprises, and the bank can handle the business for the enterprise with the Registration Form for Trade Foreign Exchange Business (see Annex 2).

　　5. Clarify the materials for handling foreign exchange registration business for trade in goods

　　Consolidate the relevant provisions of the Circular of the State Administration of Foreign Exchange on Issues Concerning the Issuance of Regulations on Foreign Exchange Administration of Trade in Goods (Hui Fa [2012] No. 38) and the Notice of the State Administration of Foreign Exchange on Printing and Distributing the Guidelines for Foreign Exchange Business under the Current Account (2020 Edition) (Hui Fa [2020] No. 14) on foreign exchange registration of trade in goods, and clarify the handling materials for foreign exchange registration of trade in goods (see Annex 3).

　　6. Amend the relevant documents on foreign exchange management of trade in goods

　　The Notice of Classification Conclusion of XX Sub-branches (Sub-branches of the State Administration of Foreign Exchange), the Risk Warning Letter of XX Sub-branches (Sub-branches) of the State Administration of Foreign Exchange and the Verification Notification of XX Sub-branches (Sub-branches) of the State Administration of Foreign Exchange (see Annex 4-6) were simultaneously amended as attached to the Circular of the State Administration of Foreign Exchange on Printing and Distributing the Guidelines on Foreign Exchange Business under the Current Account (2020 Edition) (Hui Fa [2020] No. 14).

　　This Circular shall come into force on June 1, 2024, and the Notice of the State Administration of Foreign Exchange on Issues Concerning the Issuance of Regulations on Foreign Exchange Administration of Trade in Goods (Hui Fa [2012] No. 38) shall be repealed at the same time. In the event of any inconsistency between the previous provisions and the content of this notice, this notice shall prevail. Upon receipt of this Circular, all branches of the State Administration of Foreign Exchange shall promptly forward the Inland (City) Branches, Urban Commercial Banks, Rural Commercial Banks, Wholly Foreign-Funded Banks, Sino-Foreign Joint Venture Banks, Branches of Foreign Banks and Rural Cooperative Financial Institutions under their jurisdiction, and all national Chinese-funded banks shall promptly forward to their subordinate branches. If you encounter any problems during the implementation, please give feedback to the local foreign exchange bureau in time.

　　Notice is hereby given.

　　Annex:

　　1. Application form for the directory of foreign exchange receipts and payments for trade

　　2. Trade foreign exchange business registration form

　　3. Materials related to foreign exchange registration of trade in goods

　　4. Notice of classification conclusion of XX Branch of the State Administration of Foreign Exchange

　　5. Risk Warning Letter from XX Branch of the State Administration of Foreign Exchange

　　6. Verification notice of XX Branch of the State Administration of Foreign Exchange

　　Safe

　　April 3, 2024