China to deepen reform, better serve real economy: SAFE
China will deepen reforms to streamline government administration, delegate powers, improve regulation, and strengthen services to better serve the real economy in 2019, the State Administration of Foreign Exchange (SAFE) said on Friday.
SAFE will enhance reform and opening-up in foreign exchange through boosting Qualified Foreign Institutional Investor (QFII) scheme and exploring the regulatory framework on foreign-invested enterprises (FIEs) under the pre-establishment national treatment and negative list management in 2019.
In order to build an open and competitive foreign exchange market, it will enlarge the two-way opening-up of the market with a rich offering of trading tools.
Furthermore, to provide the real economy an effective business environment with more transparency and fairness, SAFE will further support the comprehensive deepening of reform in pilot free trade zones (FTZs), Guangdong-Hong Kong-Macao Greater Bay Area and southern China's Hainan Province.
It also aims to improve the management of cross-border capital flows with micro and macro prudential tools, promoting a digital and safe administration of foreign exchange through cracking down on illegal activities.
In addition, SAFE will improve the operation of foreign exchange to better assist national strategies such as the Belt and Road Initiative (BRI).