ISSUING AUTHORITY:

State Administration of Foreign Exchange

DATE OF ISSUANCE:

October 28, 2025

EFFECTIVE DATE:

October 28, 2025

The State Administration of Foreign Exchange recently released the Notice on Further Facilitating Foreign Exchange Settlement and Supporting the Stable Development of Foreign Trade (Hui Fa [2025] No. 47) (the “Notice”), which takes effect upon issuance.

According to the Notice, China will expand the geographic scope of pilot zones for high-level opening-up in cross-border trade, broaden the types of netting settlement businesses permitted, and simplify centralized receipt-and-payment procedures for high-quality multinational corporations. The Notice also facilitates foreign exchange use for compensation related to foreign employees of qualified enterprises. It encourages the inclusion of more entities engaged in new forms of trade within the facilitation policies, optimizes foreign exchange settlement for foreign trade service companies, relaxes management requirements for advance-payment agency services under trade in services, and facilitates centralized overseas fund management for contracted engineering enterprises.

The Notice further refines the mechanism for handling special foreign exchange matters under the current account and strengthens authenticity review and regulatory oversight. The corresponding circular issued in 2020 is repealed simultaneously.

Reference:

《国家外汇管理局关于进一步便利外汇资金结算 支持外贸稳定发展的通知》