A few days ago, Comrade Zhu Hexin, Secretary of the Party Leadership Group and Director of the State Administration of Foreign Exchange, presided over a Party Leadership Group (enlarged) meeting to convey and study the spirit of the Central Economic Work Conference and study and deploy implementation measures. Members of the Party Leadership Group of the State Administration of Foreign Exchange attended the meeting.
The meeting emphasized that in 2024, the foreign exchange administration departments must focus on the central task of economic construction and the primary task of high-quality development, adhere to the principle of seeking progress while maintaining stability, promoting stability through promotion, establishing first and then breaking, and better coordinate high-quality development and high-level development. Security, further deepen the reform and opening up in the foreign exchange field, help consolidate and enhance the positive economic recovery, and continue to promote the economy to achieve effective qualitative improvement and reasonable quantitative growth.
Regarding the key tasks in 2024, the meeting clarified from five aspects:
The first is to expand high-level opening up of the foreign exchange field in an orderly manner. Increase the supply of foreign exchange facilitation policies and services, support the standardized development of new trade formats and new models, optimize the centralized operation and management of cross-border funds of multinational companies, continue to improve the level of cross-border trade and investment and financing facilitation, help accelerate the cultivation of new foreign trade momentum, and consolidate foreign trade Basic foreign capital market. Continue to improve corporate exchange rate risk management services and promote banks to establish and improve long-term mechanisms to serve corporate exchange rate risk management. We will steadily expand pilot projects for high-level opening up of cross-border trade and investment, and support the construction of Shanghai and Hong Kong as international financial centers and regional opening up and innovation.
The second is to effectively prevent and resolve the risk of external shocks. Strengthen the two-in-one management of “macro-prudential + micro-supervision” in the foreign exchange market, strengthen macro-prudential counter-cyclical adjustment, enrich the risk response toolbox, reasonably guide foreign exchange market expectations, prevent the risk of abnormal cross-border capital flows, and maintain the RMB exchange rate at a reasonable and balanced level basically stable, and resolutely maintain the bottom line of preventing systemic financial risks.
The third is to strengthen the full coverage of supervision in the foreign exchange field. Improve the cross-border transaction management mechanism that is “authentic in substance, diversified in methods, responsible for duty and exemption, safe and efficient”, promote the reengineering of commercial banks’ foreign exchange business processes, severely crack down on underground banks, cross-border gambling and other illegal activities, and maintain the healthy order of the foreign exchange market.
The fourth is to improve the operation and management of foreign exchange reserves with Chinese characteristics to ensure the safety, liquidity, preservation and appreciation of foreign exchange reserve assets.
The fifth is to uphold and strengthen the party’s overall leadership over economic and financial work. Implementation must be carried out to the letter, be vigorous and resolute in implementation, be truthful and pragmatic in implementation, dare to do good deeds in implementation, and effectively implement the decisions and arrangements of the Party Central Committee on economic work in place. Consolidate and expand thematic education results and transform them into results in promoting high-quality development.
(Editor: Tan Mengtong)
2023-12-15 23:02:00
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