CCTV News: The State Council Information Office held a series of press conferences on "The Achievements of China's High-Quality Economic Development" on January 14 to introduce the relevant situation of financial support for high-quality economic development.

Li Bin, deputy director of the State Administration of Foreign Exchange, said that in order to promote high-level opening up to the outside world and optimize cross-border financial services, the State Administration of Foreign Exchange promoted the reform of bank foreign exchange industry development in 2023. The reform of industry development puts the identification of enterprises and other work first, and strengthens post-risk monitoring, which has changed the previous foreign exchange business processing method that required documents to be reviewed one by one, so that high-quality customers can be exempted from review of orders. With his instructions, banks can handle foreign exchange business for them, achieving a better combination of improving efficiency and risk prevention and control, and also bringing tangible convenience to enterprises.

Over the past year of implementation of the reform, banks have actively participated and received good responses from all walks of life. At present, the number of participating banks has increased from 4 at the beginning to 16, and the coverage has gradually expanded to the whole country. Judging from market feedback and operating results, the goal of "reducing pressure" for banks and "reducing burden" for enterprises has been initially achieved.

· Reform has significantly reduced the pressure of banking on-site audits. Banks no longer need to "one single review" and "one single copy" to handle foreign exchange business for high-quality enterprises. The pressure on data review is greatly reduced, and the average business processing time has been shortened by more than 50%. As customer risks are identified and classified, banks can also innovate and customize various convenient service products for different customers, so as to meet customer needs more accurately.

· Reform further expanded the corporate coverage of facilitation policies. At present, 18,000 high-quality bank customers have been included in small and medium-sized enterprises, private enterprises, and foreign-funded enterprises, and have handled cross-border revenue and expenditure services with instructions for more than US$260 billion, and the efficiency of corporate capital turnover has been further improved.

· Reform has effectively improved the quality and effectiveness of risk prevention and control. After the reform, banks can rely on more solid customer identification and classification to concentrate their audit forces on high-risk customers and businesses. At the same time, the post-event monitoring system can trace cross-border transactions in a relatively comprehensive and timely manner to achieve early identification, early warning and early disposal of abnormal transactions.

Li Bin introduced that the reform of bank foreign exchange industry development is a basic and systematic work that has been promoted in recent years. Recently, the State Administration of Foreign Exchange issued three supporting regulations, including the due diligence exemption regulations for banks' foreign exchange business and the management measures for foreign exchange risk transaction reports, and guided the national foreign exchange market self-discipline mechanism to issue three industry guidelines and norms, further refine the guidance on bank operations and promote banks to implement reforms in a standardized and efficient manner.

Li Bin said that in the next stage, the State Administration of Foreign Exchange will insist on seeking progress while maintaining stability and steadily promote the improvement of quality and expansion of bank foreign exchange industry reform. First, organize the expansion in an orderly manner. The State Administration of Foreign Exchange will guide banks that voluntarily participate in the reform, accelerate the launch after the conditions are ripe, and promote banks that have implemented the reform to gradually include more branches, so that more enterprises can benefit from the reform. The second is to support banks in establishing and improving post-monitor monitoring systems, tapping into the potential of technology empowerment, giving full play to the role of a "probe" for early risk detection of banks, and maintaining the bottom line of risks. The third is to strengthen the publicity, interpretation and training of the newly released supporting systems, especially to promote the smooth and smooth implementation of the due diligence exemption regulations on bank foreign exchange business, and do good things well.