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Boosting the Cross-border Trade to Speed up Again The First Trade Foreign Exchange Receipt and Disbursement Facilitation Pilot Business was Launched in Dalian Free Trade Area

OnJune 27, Dalian IRIS Living Articles Co., Ltd., an enterprise in Dalian FreeTrade Area, sent out a foreign exchange payment instruction to the Bank ofChina Co., Ltd. Dalian Free Trade Area Sub-branch, and the foreign exchangepayment business including 51 sums with a total amount of USD 3.31 million wascompleted in one hour, which marked that the first trade foreign exchangereceipt and disbursement facilitation pilot business in the city wassuccessfully completed in Dalian Free Trade Area.

          In general, it is necessary for anenterprise to submit a lot of certification materials including the tradecontract, customs declaration, bill of lading, etc. to the counter of the bankfor review one or two working days in advance in case of the trade foreignexchange receipt and disbursement business. For an enterprise that needs toprocess a large number of foreign exchange settlement businesses every day likeIRIS Living Articles Co., Ltd., the manpower and time costs consumed are veryhuge.

Inorder to support the enterprises in the Area to closely grasp the dividendsbrought by RCEP policies and continuously enhance the support strengthto theentity economy by the finance, the State Administration of Foreign ExchangeDalian Branch has actively applied for facilitation policies with the GeneralAdministrationand put them into force accurately, which has printed and issued the GuidanceSuggestions of the State Administration of Foreign Exchange Dalian Branch onFacilitating the Trade Foreign Exchange Receipt and Disbursement forHigh-qualityEnterprises and officially approved the Bank of China Co., Ltd. Dalian Branchto be the first pilot bank on June 23, which then provided the trade foreignexchange receipt and disbursement facilitation pilot business for the firstbatch of pilot enterprises including IRIS Living Articles Co., Ltd.

Afterthe trade foreign exchange receipt and disbursement facilitation pilot systemwas introduced, it is unnecessary for the pilot enterprises to go through thebills and documents examination and approval formalities, and they can chooseto fill in and submit the bills and documents at the bank counter or directlysend out the payment instruction via the online banking system according totheir actual needs. And the pilot bank can process the trade foreign exchangereceiptand disbursement business upon receiving the instructions from the enterprise, bywhich, the duration for completing single business is shortened to 10 minutesfrom the former one or two hours, and the foreign exchange receipt anddisbursement efficiency of the enterprise is improved by over 90%.

        To carry out the trade foreign exchangereceipt and disbursement facilitation pilot for high-quality enterprisesfeatures one important innovation and great breakthrough for enterprisesettlement, bank examination and foreign exchange administration, and thefavorable demonstration effect of “more facilitation for enterprises with goodfaith, greater autonomy for enterprises with more compliance” is thus formed.More convenient foreign exchange receipt and disbursement business has greatlyimproved the cross-border capital settlement efficiency, effectively saved the legworkand time costs spent in materials preparation, processing and submission byenterprises. In addition, whileoptimizing the foreign exchange receipt and disbursementdocument examination flow, enterprises can also enjoy such facilitation serviceas exempting pre-registration for special foreign exchange refund business incase of exceeding the goods trade deadline, directly processing the advancepayment or apportioning business for non-affiliated enterprises or in case ofexceeding 12 months, etc.

Next, the State Administration of Foreign ExchangeDalian Branch will continue to promote the trade foreign exchange receipt anddisbursement facilitation pilot for further quality improvement, coverageenlargement and effect enhancement on basis of the pilot operation conditions.Dalian Free Trade Area will actively promote the spreading of the pilot rangeamong the enterprises in the Area, boost the foreign trade enterprises to graspthe opportunities and stimulate their vigor, so that more high-qualityenterprises can enjoy the dividends brought by the preferential policies andfurther propel the high-quality development of export-oriented economy.