Improve the Overall Foreign Exchange Technology Capability to Serve the...

Title:Improve the Overall Foreign Exchange Technology Capability to Serve the Reform of Foreign Exchange Administration and the High-Quality Development of the Real Economy

ZHANG Tiecheng

Director-General of SAFE’s Science and Technology Department

China Forex: The work of foreign exchange technology has always focused on the reform and development of foreign exchange administration. It has actively adapted to the transformation and upgrading of foreign exchange administration，and has continuously played a supporting role as a driving force for scientific and technological innovation. What is the general idea for the work of foreign exchange technology in 2023?

ZHANG Tiecheng: In 2023，the work for the Science and Technology Department will be carried out by adhering to the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era and fully implementing the guiding principles of the 20th National Congress of the Communist Party of China (CPC). Notably，we will pursue progress while ensuring stability and accelerating the establishment of a new development pattern. We will resolutely implement the decisions and arrangements made by the leading Party groups of the SAFE. By deepening and expanding the application of cross-border financial service platforms，we will help solve the financing difficulties for micro，small，and medium-sized enterprises (MSMEs) and better serve the high-quality development of the real economy. We will adhere to the innovation drive of “technology and data empowerment”，support the reform and development of foreign exchange administration，and address the need for efficient regulation while promoting the establishment of foreign exchange administration systems and mechanisms in line with the modernization of China’s governance system and governance capacity. We will also pursue a holistic approach to national security based on the principle of coordinating development and security，and firmly preserve the bottom line of safe foreign exchange production，cybersecurity，and data security.

China Forex: In recent years，the SAFE has continuously enriched the application scenarios of the cross-border financial service platform to help solve the financing problems of micro，small and medium enterprises (MSMEs). It has shown obvious effects in serving the real economy. In the coming year，what are the other ideas and measures of the SAFE in the construction of the cross-border financial service platform?

ZHANG Tiecheng: In accordance with the unified arrangements of the SAFE’s inspection and rectification work，we will further consolidate the rectification results，deepen the implementation of rectification，and form a long-term mechanism. First，we will thoroughly study and implement the guiding principles of the 20th National Congress of the CPC and the spirit of the important instructions of General Secretary Xi Jinping，to further raise our political stance. Taking the innovation drive of “technology and data empowerment” as a guideline，we will help foreign exchange administration and the high-quality development of the real economy. Second，to meet the requirement of a tight budget，we must strictly control the scale of informatization projects and cut expenses，using our budget scientifically and prudently. Third，we will have regular heart-to-heart talks，and implement strict cadre administration and supervision. We will conduct anti-corruption awareness education and regularly review the ideological standing of cadres and workers.

First，we will insist on deepening foreign exchange technology to empower cross-border financial services. It is planned to complete the construction of the insurance premium financing solution for small and medium enterprises (SMEs) in the financing credit and bank-enterprise docking scenario (enterprises’ self-registration and start-up financing) and export credit insurance policy financing scenario (Phase II) in early 2023，and carry out pilot programs as appropriate. Second，we will explore and expand the scenarios and application scope of the cross-border financial service platform，including the research and implementation of SMEs insurance financing by Sinosure，the financing of the “Changchun-Manzhouli-Europe” China-Europe Railway Express (Jilin)，financing of warehouse receipts for Qilu China-Europe Railway Express，financing of shipping warehouse receipts (Qingdao)，Beibu Gulf “Port and Shipping Finance” (Guangxi)，online financing of inclusive credit (Chongqing)，and other scenarios. Third，we will deepen the innovation drive of “technology and data empowerment”. We will explore cross-chain technology，privacy protection，application program interface，image recognition，and other technical applications to ensure multi-source data sharing and convenient use under security and privacy，and build a bridge of data services，with a focus on expanding credit data，developing foreign exchange services，and facilitating data resources. Meanwhile，we will use intelligent portrait technology，release data value，construct and improve subject portraits，and serve the needs of financing credit and foreign exchange services.

China Forex: Foreign exchange technology has played a key role in supporting foreign exchange administration reform. Could you please elaborate on the specific measures of foreign exchange technology in helping foreign exchange reform and supervision in 2023?

ZHANG Tiecheng: We will facilitate foreign exchange reform and supervision with technology and data empowerment. First，we will continue to improve the level of government foreign exchange services. Specifically，we will optimize the