Business Environment

Greater Bay Area becomes the first to pilot trade facilitation

Updated: Mar 26, 2019 Print
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The Guangdong Provincial Bureau of Foreign Exchange Administration has begun the first batch of trials on the facilitation of foreign exchange receipts and expenditures in goods trade in the Guangdong-Hong Kong-Macao Greater Bay Area, helping banks implement convenient measures when handling trade balances for creditworthy enterprises.

The pilot includes four aspects. The first is to optimize the review of trade foreign exchange receipts and expenditures documents. Banks handle foreign exchange business of goods for enterprises only after strict examination. Second, foreign exchange income from trade does not need to go through the account to be verified. The foreign exchange income under the real and legal trade of goods of the pilot enterprises can be directly entered into the current account of foreign exchange settlement. The third is to cancel the registration procedures for special refunds, and that overdue and non-original return can be processed directly at the bank. The fourth is to simplify the import declaration verification. The bank can confirm that the trade payment service is true and legal, and may not go through the formalities of import declaration electronic information verification. 

Leaders of the Guangdong Provincial Bureau of Foreign Exchange Administration said that the pilot will help the Greater Bay Area further improve trade liberalization and facilitation. The bureau will next focus on promoting the pilot to create a good business environment and serve the economic development of the Greater Bay Area.

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