In order to promote facilitation of foreign exchange receipts and payments for trade in services, Yi Gang, administrator of the State Administration of Foreign Exchange (SAFE) and his entourage visited the Beijing Foreign Exchange Administrative Department and held a discussion with representatives from some banks, enterprises, and branches of the SAFE to investigate the relevant situation with regard to foreign exchange administration for trade in services.

Yi Gang pointed out that during recent years the SAFE has made vigorous efforts to promote trade and investment facilitation in compliance with the general requirements of the CPC Central Committee and the State Council for accelerating the reform and opening-up, and has persisted in pursuing administration according to the law by streamlining administration and power delegation to serve the development of the real economy. In 2012, reform of the foreign exchange administration system for trade in goods was implemented on a nationwide basis; foreign exchange administration for direct investments was substantially streamlined, resulting in a significant improvement in trade and investment facilitation.

Yi Gang said that the SAFE will further follow the relevant guidelines of the CPC Central Committee and the State Council to develop the service sector, proactively push forward the reform of foreign exchange administration for trade in services, vigorously promote facilitation of the services trade, strengthen communications and coordination with the relevant authorities, and provide policy support for the development of trade in services so as to enhance the role of foreign exchange administration in boosting the “going-global” process of the service sector.