BEIJING — China’s foreign exchange regulator has abolished 17 regulations on forex management to promote trade and investment facilitation.
As a part of the government’s reform to improve regulations and services, clearing the outdated regulations will help market entities better understand the country’s forex policies, the State Administration of Foreign Exchange said on Oct 16 in a statement.
The abolished regulations used to center on aspects including import forex payment, trade in service and foreign debt, as well as the forex management for financial institutions, companies and individuals.
The authority has also scrapped the requirements on the quota and account validity for front-end expenses of foreign direct investment in two regulations to make direct investment into China easier.
In the future, the administration will continue to clear outdated laws and regulations for trade and investment facilitation, the statement said.