Issued by: People's Bank of China, Ministry of Commerce, State Administration of Financial Regulation, China Securities Regulatory Commission, State Administration of Foreign Exchange
Issue Date: January 16, 2025
Links: https://www.gov.cn/lianbo/bumen/202501/content_7000522.htm?ddtab=true

The main contents of this Opinion are as follows:
1.Pilot regions include: Shanghai, Guangdong, Tianjin, Fujian, Beijing Free Trade Zones, Hainan Free Trade Port, Hengqin Guangdong-Macau Deep Cooperation Zone, Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone, Guangzhou Nansha, and other areas.

2.Allow foreign financial institutions to conduct new financial services similar to those of domestic financial institutions through licensing or pilot programs.

3.Shorten the approval timeframe for financial institutions to carry out relevant business operations to 120 days.

4.Support cross-border purchase of specific overseas financial services: Enterprises and individuals in pilot regions can handle cross-border fund settlements for recurring items such as insurance policy renewals, claims, and cancellations. In the Guangdong-Hong Kong-Macau Greater Bay Area, expand the scope of institutions and eligible investment products participating in the "Cross-Border Wealth Management Connect" pilot.

5.Allow Free and Unrestricted Transfers related to foreign investors' investments in pilot regions, including: capital contributions; profits, dividends, interest, capital gains, royalties, management fees, technical guidance fees, and other charges; proceeds from the sale or liquidation of investments; payments under contracts; compensation or indemnities obtained in accordance with the law; and payments arising from dispute resolution.

6.Improve Cross-Border Financial Data Flow Arrangements, including: establishing a "whitelist" system for cross-border financial data circulation; formulating a data list requiring security assessments for data exports, standard contracts for personal information exports, and certification management for personal information protection; developing classification and grading standards for financial data; introducing overseas electronic payment institutions; and improving a digital identity authentication system aligned with international standards.

7.Establish a Cross-Border Dispute Resolution Mechanism aligned with international rules, creating a one-stop financial dispute resolution platform integrating "commercial mediation + international arbitration."