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In 2016, the People's Bank of China and the State Administration of Foreign Exchange (SAFE) built a macro-prudential management policy framework for full-scale cross-border financing while cancelling ex-ante approval for external debt, which has greatly facilitated cross-border financing by domestic institutions. In recent years, a legion of promising innovative companies with independent intellectual property rights and technologies as well as advanced processes have emerged as the new development concepts were implemented. But some of them, especially micro, small and medium innovative companies that have limited net assets at the early stage could hardly find enough financing due to the low ceiling of quotas for cross-border financing. To encourage innovation and support healthy development of micro, small and medium high-tech companies, the SAFE initiated piloting for external debt facilitation in the national independent innovation demonstration zone in Zhongguancun, Beijing in 2018, allowing eligible micro, small and medium high-tech companies to find access to external debt themselves within a certain limit. This policy has met the demands of some micro, small and medium high-tech companies in Zhongguancun for overseas financing and reduced their financial costs. To meet the requirements raised at the 19 National People's Congress that efforts should be stepped up to accelerate the building of the new system for developing an open economy at a higher level to boost high-quality economic growth and to further facilitate full use of markets and resources, domestic and overseas, by micro, small and medium high-tech companies, the SAFE decides to expand the piloting scope to include Shanghai (China (Shanghai) Pilot Free Trade Zone), Hubei (China (Hubei) Pilot Free Trade Zone and Donghu New Technology Industrial Development Zone in Wuhan), Guangdong and Shenzhen (Guangdong-Hong Kong-Macao Greater Bay Area). In the meanwhile, further efforts will be made to strengthen external debt facilitation for Beijing Zhongguancun Science City Haidian Industry Park. Next, guided by the decisions and plans of the CPC Central Committee and the State Council, the SAFE will keep foreign trade and investment stable, launch more foreign exchange facilitation initiatives, and optimize the business environment for foreign exchange to boost the stable and healthy development of the economy and society. Further, the SAFE will enhance the management framework of macro-prudence and micro regulation for the foreign exchange market to guard against cross-border capital flow risks and ensure the bottom line that no systematic financial risk will occur. 2020-03-19/en/2020/0319/1651.html
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To implement the decisions and arrangements of the CPC Central Committee and the State Council, the Opinions on Accelerating the Building of Shanghai into an International Financial Hub and Financially Supporting the Integrated Development of the Yangtze River Delta (Yinfa No. 46 [2020]) was officially published on February 14, 2020 with approval from the State Council. Accelerating the building of Shanghai into an international financial hub and the integrated development of the Yangtze River Delta is a key growth strategy defined by the CPC Central Committee and part of the efforts to implement the guiding principles of the Fourth Plenary Session of the 19th CPC Central Committee to improve the government's governance systems and capabilities in finance. The Opinions provides 30 initiatives covering topics such as advancing financial piloting in Lin-gang Special Area, accelerating the opening up of the financial industry in Shanghai at a higher level and financially supporting the integrated development of the Yangtze River Delta. The release will be helpful for accelerating the building of Shanghai into an international financial hub and the integrated development of the Yangtze River Delta, and will be of great strategic significance to lead high-quality development of China and speed up the building of a modern economic system. The ongoing COVID-19 epidemic will have a short-lived impact on China's economy. In comparison, deepening the supply-side structural reform in the financial community and opening the financial industry wider to the outside, China's long-term policy orientation, is a long-standing cause that will not be disrupted by the epidemic. We are confident that China will speed up reforms, open its markets wider, and strengthen its risk governance capabilities. 2020-02-14/en/2020/0224/1649.html
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Q：The State Administration of Foreign Exchange (SAFE) has just released the latest data on China's foreign exchange reserves. Could you explain why China's foreign exchange reserves changed in February 2020? What will be the future trends? A: As at the end of February 2020, China's foreign exchange reserves hit USD 3.1067 trillion, down by USD 1.2 billion or 0.04% from the start of the year. China's foreign exchange market stayed generally stable in February. Globally, due to the impact of the pandemic of COVID-19, economic conditions and money policy expectations in major countries, the US dollar index and bond prices in major countries hiked. As a result, a combination of valuation factors like foreign exchange rate conversion and asset price changes led to the changes in China's foreign exchange reserves for the month. Going forward, the world economy will face more destabilizing factors and uncertainties, and global financial markets may become more volatile. Although the epidemic has had some impact on China's economic performance, yet in general China's economic fundamentals sustaining sound economic growth have not changed and the impact of COVID-19 will be short-lived and controllable. As policy measures are implemented, positive factors will accumulate to provide a strong support for the stable and healthy economic growth in China. With the favorable foundations and conditions for China's foreign exchange market to stay stable, China's foreign exchange reserves are expected to maintain general stability. 2020-03-07/en/2020/0307/1647.html
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见附件。 附件：国家外汇管理局广东省内各中心支局及直属支局（全辖）2019年度政府信息公开工作报告 2020-03-31/guangdong/2020/0331/1690.html
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国家外汇管理局重庆外汇管理部全辖2019年度政府信息公开工作报告 2020-03-31/chongqing/2020/0331/1447.html
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附件：国家外汇管理局安徽省分局（全辖）2019 年度政府信息公开工作报告 2020-03-30/anhui/2020/0330/1435.html