State Administration of Foreign Exchange: Actively stabilizing foreign trade, stabilizing foreign investment and strengthening countercyclical adjustment and expectation management in the foreign exchange market

The Zhitong Finance App learned that on March 12, Zhu Hexin, Party Secretary and Director of the State Administration of Foreign Exchange, presided over a party group (enlarged) meeting. The conference emphasized promoting in-depth reform and a high level of opening-up in the foreign exchange sector. Focus on supporting scientific and technological innovation, and continue to do a good job in “five major articles” on finance. Actively stabilize foreign trade, stabilize foreign investment, promote the optimization and expansion of trade facilitation policies, raise the level of foreign exchange facilitation in new trade formats, push forward foreign exchange management reforms for foreign direct investment, and improve capital pool policies for multinational companies. Using the reform of the bank foreign exchange exhibition industry as a starting point, the level of facilitation of cross-border trade and investment and financing has been continuously raised.

The original text is as follows:

The Party Group of the State Administration of Foreign Exchange conveyed the spirit of studying General Secretary Xi Jinping's important speech and the spirit of the National Two Conferences

On March 12, Zhu Hexin, Party Secretary and Director of the State Administration of Foreign Exchange, presided over a party group (enlarged) meeting to convey the spirit of General Secretary Xi Jinping's important speech during the National Two Conferences and the spirit of the National Two Conferences, and to study, deploy and implement the work. Party members of the State Administration of Foreign Exchange attended the meeting.

According to the conference, General Secretary Xi Jinping delivered an important speech during the National Conference and made important remarks on developing new quality productivity, promoting scientific and technological innovation and industrial innovation, strengthening the supporting role of education in science and technology and talents, and promoting the construction of a strong army. General Secretary Xi Jinping's important speech was far-fetched, rich in content, and inspiring. It was highly political, ideological, pertinent, and instructive, pointing out the way forward and providing fundamental guidelines for doing a good job in foreign exchange management. The foreign exchange management system should unify ideas and actions into the spirit of General Secretary Xi Jinping's important speech, deeply understand the decisive significance of “two determinations”, resolutely carry out “two maintenance”, and act as implementers, activists, and practitioners to implement the decisions and deployments of the Party Central Committee through practical actions.

The conference emphasized the need to thoroughly study and implement the spirit of General Secretary Xi Jinping's important speech, earnestly implement the key tasks specified in the “Report on the Work of the Government”, take more responsibility and act more actively, and do a solid job in all aspects of this year. The first is to promote deep reforms and a high level of opening-up in the foreign exchange sector. Focus on supporting scientific and technological innovation, and continue to do a good job in the “five major articles” on finance. Actively stabilize foreign trade, stabilize foreign investment, promote the optimization and expansion of trade facilitation policies, raise the level of foreign exchange facilitation in new trade formats, push forward foreign exchange management reforms for foreign direct investment, and improve capital pool policies for multinational companies. Using the reform of the bank foreign exchange exhibition industry as a starting point, the level of facilitation of cross-border trade and investment and financing has been continuously raised. The second is to prevent external risks and shocks. Improve the monitoring and early warning system for cross-border capital flows, strengthen countercyclical adjustment and forecast management in the foreign exchange market, maintain the basic stability of the RMB exchange rate at a reasonable equilibrium level, and maintain the basic balance of payments. The third is to establish a more complete and effective foreign exchange supervision system. Strengthen off-site supervision capacity building, make full use of scientific and technological means to improve the effectiveness of supervision, strictly crack down on illegal and illegal activities in the foreign exchange field, and maintain a healthy order in the foreign exchange market. Fourth, promote the high-quality development of foreign exchange reserve management and ensure the safety, flow, and appreciation of foreign exchange reserve assets. Fifth, promote comprehensive and strict government of the Party in depth. Strictly and earnestly carry out inspections and rectification, solidly carry out spiritual studies and education to thoroughly implement the Eight Regulations of the Central Committee, unswervingly push forward the construction of a clean party style and government and the fight against corruption, and build a team of highly qualified and specialized cadres and talents.

The meeting called for detailed measures to be implemented in accordance with the “State Council's 2025 Division of Labor Plan for Key Tasks”, to seize time with various uncertainties, and to work fast and forge ahead. We must do a good job in handling the recommendations and proposals of the National Two Conferences with high quality, take the initiative to strengthen communication with deputies to the National People's Congress and CPPCC members, insist on answering the same questions and working in the same direction, and further resolve difficult issues and forge consensus.

The chief accountant of the State Administration of Foreign Exchange, comrades in charge of the discipline inspection and monitoring team at the People's Bank of China, and comrades in charge of various departments and public institutions of the bureau attended the meeting.

This article was compiled from the official website of the “State Administration of Foreign Exchange”. Zhitong Finance Editor: Li Fu.