Four Authorities to Strengthen Business-Finance Synergy and Boost Cross-Border Trade and Investment

On July 7, 2024, the Ministry of Commerce (“MOFCOM”), the People’s Bank of China (“PBOC”), the National Financial Regulatory Administration (“NFRA”) and State Administration of Foreign Exchange (“SAFE”) jointly issued the Opinions on Strengthening Business-Finance Synergy and Making Greater Efforts to Support the High-quality Development of Cross-border Trade and Investment (the “Opinions”), which will come into effect on July 7, 2024.

The Opinions put forward 11 policy measures in 5 aspects: 1. optimize comprehensive financial services for foreign trade; continue to improve and upgrade goods trade, diversifying and improving credit, credit insurance, policy financing, property insurance and other services; accelerate the cultivation of new driving forces for foreign trade, and provide high-quality services for international cooperation in foreign trade supply chains, cross-border e-commerce exports, green trade, etc.; develop service trade and digital trade, and intensify support for service trade funds, intangible asset pledge financing, and data element underwriting; 2. strengthen foreign financial service safeguard; 3. deepen economic and trade cooperation and foreign investment cooperation along the Belt and Road, and improve diversified investment and financing services; 4. optimize payment and settlement environments; and 5. prevent and manage cross-border trade, investment and financial risks.