To further promote trade and investment facilitation and support the policy measure of "stabilizing growth, promoting reform, adjusting restructure and benefiting people", with a vision to streamline administration, delegate powers, combine decentralization and regulation, and optimize services, the State Administration of Foreign Exchange (SAFE) has been committed to law-based administration and sorting out regulations, to abolish, nullify or modify selected regulations on foreign exchange administration that cannot adapt to the requirements for business development and reform. More than 700 documents on foreign exchange administration have been abolished and nullified since 2009.

To further streamline the effective regulatory documents on foreign exchange administration, the SAFE has recently released the Circular of the State Administration of Foreign Exchange on Announcing 14 Regulatory Documents on Foreign Exchange Administration Abolished and Nullified and One Modified (Huifa No. 13 [2016]) Specifically, one was modified, 3 were abolished including one that was announced abolished with the Ministry of Finance through negotiation, and 11 were nullified. The documents mainly concerned management of individual foreign exchange settlement under trade, foreign exchange administration under the capital account, balance of payments and foreign exchange statistics, foreign exchange administration for financing institutions and construction of foreign exchange system.

Bearing in mind the whole picture of reform and development, the SAFE will continue to implement the long-term mechanism for regulation streamlining, and attach equal importance to establishment, modification, nullification and interpretation of regulations, so as to enhance policy transparency and serve the real economy.