State Administration of Foreign Exchange: We will continue to promote two-way opening of capital accounts and expandQDLPPilot scope

Among them,2021The State Administration of Foreign Exchange will continue to promote the reform of trade and investment facilitation, actively promote the opening of the financial market, continuously improve the functions of the foreign exchange market, and serve the development of the real economy.

Firstly, continue to promote the two-way opening of capital accounts. For example, carrying out pilot projects for the integration of domestic and foreign currency fund pools for multinational corporations, and continuing to promoteQDLP(Qualified Domestic Limited Partners)QFLP(Qualified overseas limited partners) pilot and expansionQDLPPilot scope. perfectQDLPInvestment reporting system, sound normalizationQDII(Qualified domestic institutional investors) limit distribution. In addition, we will continue to promote the reform of foreign debt registration and management, and improve the management of overseas institutions issuing stocks and bonds domestically.

Secondly, expand the pilot program for facilitating trade and foreign exchange receipts and payments. Support more regions, especially the central and western regions, to join the pilot program, while also supporting the development of new trade formats such as cross-border e-commerce, market procurement, and comprehensive foreign trade services, and improving the online verification of service trade foreign exchange payment tax filing information.

Thirdly, support regional openness and innovation, as well as the construction of special regions.

This is also ongoing work, such as researching and carrying out high-level pilot projects for cross-border trade and investment to open up to the outside world, supporting the construction of Beijing's' two zones', reforming and opening up areas such as the Shanghai International Financial Center, the Guangdong Hong Kong Macao Greater Bay Area, and the Hainan Free Trade Port. Supporting the reform and innovation of foreign exchange management in the free trade pilot zone, "said Wang Chunying.

Fourthly, establish an open, diversified, and fully functional foreign exchange market, and support financial institutions in launching more foreign exchange derivative products that meet the needs of the foreign exchange market.

For the work during the 14th Five Year Plan period, the State Administration of Foreign Exchange stated that the first is to focus on the two-way opening of the financial market and steadily promote high-level capital account opening. The second is to deepen the reform of the RMB exchange rate formation mechanism and build an open, diversified, and functional foreign exchange market system. The third is to promote the transformation of foreign exchange management methods and achieve high-level trade and investment liberalization and facilitation. The fourth is to improve the macroeconomic prudence of the foreign exchange market+The "micro supervision" two in one management framework enhances the ability to manage foreign exchange market risks and prevent external shocks. The fifth is that during the 14th Five Year Plan period, the specialization and internationalization level of foreign exchange reserves will be further improved, ensuring the safety, flow, and appreciation of foreign exchange reserve assets.