The Hainan Provincial Foreign Affairs Administration (hereinafter referred to as the “Hainan Provincial Branch”) reported that recently, with the approval of the State Foreign Exchange Administration, the Hainan Provincial Branch issued a memorandum on “Innovative Business in the China Free Trade Zone (Hainan)”, which simplifies admission procedures and payments in foreign currency on the current account, simplifies the management of payments in foreign currency and increases the convenience of investing and financing, significantly ovyshaet level of trade facilitation and financing of the free trade zone of Hainan, and further optimize the business in the free trade zone.
Now banks independently process all the procedures for buying and paying in foreign currency, as well as transfers in the exhibition industry, the conditions for checking electronic documents for trade in goods are relaxed, Class A enterprises are allowed to open foreign currency accounts and foreign exchange earnings from goods can be directly transferred to the current foreign currency account.
Enterprises in the Hainan Free Trade Area are allowed to apply for registration, amendment and cancellation of basic information on domestic direct investment at any bank under the jurisdiction of the Hainan Provincial Branch.
At the next stage, the Hainan Provincial Branch will continue to promote reform and innovation in the field of foreign exchange management in response to the specific situation in Hainan, fully support the construction of the Hainan Free Trade Zone and the Free Trade Port, strive to achieve a higher level of openness and promote better development Hainan economy.
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