Issued by:   State Administration of Foreign Exchange

Issue No.:    Huifa [2025] No. 47

Release Date:    October 29, 2025

Effective Date:   October 29, 2025

Links:   https://www.safe.gov.cn/safe/2025/1027/26714.html

The Notice outlines nine measures aimed at expanding the pilot areas for high-level opening-up in cross-border trade (the “pilot area”), extending facilitation policies to include more small and medium-sized enterprises (SMEs) involved in new forms of trade, thereby making it easier for market entities to conduct cross-border trade operations. The key provisions are as follows:  
Broaden the scope of business types that qualify for netting settlement of receipts and payments by high-quality enterprises in pilot areas.
Authorize banks to determine the foreign exchange settlement and purchase quotas for high-quality enterprises based on their payroll documentation, enabling streamlined salary settlement and purchase procedures for their international employees without requiring additional supporting documents. 
Promote banks to use electronic transaction information to handle foreign exchange receipt settlement for cross-border e-commerce enterprises and pay for their overseas expenses such as storage, logistics, and taxes. Also support the netting settlement of these expenses against export proceeds. 
Relax management of advance payments in trade in services, clarifying that banks can handle advance payment businesses for trade-related service fees for eligible domestic enterprises. In principle, such advance payments should not exceed 12 months; any exceeding this period must be reported to the local foreign exchange authority.
Permit domestic enterprises engaged in contracted projects across multiple countries (or regions) to open centralized fund management accounts overseas after registering with the local foreign exchange authority, facilitating the cross-country and cross-regional centralized management and allocation of funds for overseas contracted projects.
Require banks to establish a disposition mechanism for special foreign exchange transactions under current accounts, adhering to the principle of "substance over form" to efficiently handle complex and innovative current account foreign exchange operations.