The State Administration of Foreign Exchange held a work meeting for the second half of 2025 on August 1. Regarding the work in the second half of the year, Zhu Hexin, Vice President of the People's Bank of China and Director of the State Administration of Foreign Exchange, said that the establishment and improvement of a foreign exchange management system and mechanism of "more convenient, more open, safer and smarter" will be established and improved, and unswervingly follow the path of financial development with Chinese characteristics, and provide strong support for my country's high-quality economic development and the promotion of Chinese-style modernization.

Deepen reform and opening up in the foreign exchange field. Support the stable development of foreign trade, and implement a package of trade foreign exchange management reform policies such as optimizing the settlement of foreign exchange funds for new foreign trade formats and facilitating the centralized management of overseas funds for contracting engineering enterprises. Actively promote the facilitation of cross-border investment and financing, promote the implementation and effectiveness of packages of measures such as abolishing domestic reinvestment registration for foreign-invested enterprises and facilitating cross-border financing for technology-based enterprises, implement multinational company fund pool management policies across the country, carry out green foreign debt policy pilot projects, and optimize and improve the management of overseas listing funds for domestic enterprises. Promote the expansion and improvement of bank foreign exchange industry reform. Deepen the development of the foreign exchange market and continue to improve corporate exchange rate risk management services. Support regional open development according to local conditions, actively support the strategy of improving the free trade pilot zones, and support Hainan Free Trade Port, Guangdong-Hong Kong-Macao Greater Bay Area and other countries to carry out foreign exchange management innovation.

Prevent and resolve external shock risks. Strengthen the monitoring and analysis of foreign exchange situation, strengthen macro-prudent management and expected guidance of cross-border capital flows, carry out countercyclical adjustments in a timely manner, and maintain the stability of the foreign exchange market and national economic and financial security.

Improve regulatory capabilities and levels under open conditions. Strengthen the construction of the rule of law in foreign exchange management. Improve on-site and post-event supervision, use scientific and technological means to improve supervision efficiency, and severely crack down on illegal cross-border financial activities.

Improve the management of foreign exchange reserves with Chinese characteristics and maintain the security, current, and value preservation and appreciation of foreign exchange reserve assets.

Promote the construction of the international balance of payments statistics system. Formulate the implementation plan of the "Balance of Payments and International Investment Positions Manual (Seventh Edition)"

Comprehensively improve the level of foreign exchange management work. Strengthen evaluation and demonstration before policy is issued and follow-up assessment after policy is issued. Deepen the construction of "digital external management" and "safe external management" and explore the construction of "smart external management". Continue to enrich the application scenarios of cross-border financial service platforms.

(CCTV reporter Zhao Shuguang and Dong Bin)