Strengthening the Role of Science and Technology to Promote the High-quality...
Title:Strengthening the Role of Science and Technology to Promote the High-quality Development of Foreign Exchange Administration
China Forex: What has the Science and Technology Department done in 2023 to facilitate the reform and development of foreign exchange administration and promote the supporting and leading role of scientific innovation?
ZHANG Tiecheng: In 2023, the Science and Technology Department earnestly carried out education on learning and implementing Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era. Allowing Party building to take the leading role, the Department continued to deepen the rectification and improvement of central inspections, concentrating on completing the transformation of 22 information systems involved in the reform of local branches and undertaking the science and technology business of county-level offices. It also meticulously implemented the construction, relocation and commissioning of the computer room of the new same-city back-up center, and further expanded its cross-border financial service platform. In addition, significant progress was made in actively supporting the reform and opening-up of foreign exchange administration, and improving the quality and efficiency of foreign exchange supervision.
Firstly, we made great efforts to implement tasks related to institutional reform via the decisions and arrangements of the Central Government. In accordance with the Plan on Reforming Party and State Institutions and the comprehensive plan of the People's Bank of China and the State Administration of Foreign Exchange (SAFE) on institutional reform, and in line with the actual administration of foreign exchange business, we formulated, after study, the specific principles involved in the transformation of information systems, i.e., that such systems should be able to serve business handling, enable differentiated supervision, and allow accounting at the county level. We improved 22 foreign exchange business information systems involved in the reform of branch offices in the Mid-Autumn and National Day Holidays of 2023 according to the plan. Once brought online, these 22 information systems enjoyed stable operation, a strong guarantee that the relevant foreign exchange business could be smoothly processed once relevant functions of county branch offices were taken over.
Secondly, we served the development of the real economy and made great strides in the construction of cross-border financial service platforms. We conducted in-depth research in Shaanxi and Guangxi to solve cross-border financing and settlement issues encountered by market entities. In 2023, two new application scenarios were added to the cross-border financial service platforms, namely, bank-enterprise financing connection and Beibu Gulf "Gang Hang Rong". A scheme of guaranteed export credit insurance was piloted across China, and a scheme facilitating domestic freight foreign exchange payments was expanded to additional regions. By the end of 2023, SAFE's cross-border financial service platforms had successively launched eight financing application scenarios and three facilitation application scenarios, helping more than 100,000 foreign-related enterprises, mainly small and medium-sized enterprises (SMEs), finance totaling more than 300 billion US dollars in value. Foreign exchange payments of more than 1.3 trillion US dollars were made through facilitated methods. This has further improved the capability and quality of foreign exchange services in China's real economy.
Thirdly, we deepened the construction of a digital foreign exchange administration, and supported the reform, opening-up and facilitation of foreign exchange administration. According to the State Council's requirement of "streamlining administration and delegating power, improving regulation and upgrading services", we optimized the online processing system for government services, and continuously improve the efficiency of foreign exchange administrative licensing. We gave strong support to the pilot reform of foreign exchange business conducted by banks, assisting four pilot banks in completing a coordinated opening-up, as well as bringing foreign exchange risk transaction reports and other business management functions online.
Fourthly, we insisted on "technology and data empowerment" to further improve the quality and efficiency of foreign exchange supervision. We upgraded data collection and verification functions of the relevant systems to further strengthen data foundations for foreign financial assets and liabilities management.
Fifthly, we coordinated development and security to build stronger capacities in foreign exchange security governance. We have enhanced our duty watch during critical periods, successfully fulfilling our responsibilities in network security and production safety protection during significant events such as the National People's Congress and the Chinese People's Political Consultation Conference, the FISU World University Games, and the Asian Games. We conducted regular emergency response drills with a focus on emergency readiness and continuously enhanced our security monitoring and emergency response capabilities. We have been continuously improving the basic resource environment for foreign exchange information technology and have completed the relocation and commissioning of the server room of the co-location backup center. We have also optimized and enhanced our network security system, providing multi-dimensional network security education and effectively enhancing the awareness and protection capabilities of all staff.
Sixthly, we standardized the management of codes and standards, and improved SAFE's science and technology systems. To strengthen planning and management, we drafted the Implementation Status of the 14th Five-Year Plan for 2022 and the Implementation Plan for 2023, and earnestly organized its implementation, taking the lead in carrying out the midterm evaluation of the 14th Five-Year Plan for National Informatization.
China Forex: Cross-border financial service platforms play a vital role in easing micro, small and medium-sized enterprises' financing pressure. What measures will the Science and Technology Department roll out in the upcoming year to promote the building of such platforms?
ZHANG Tiecheng: In 2024, the Science and Technology Department will further expand the application scenarios of cross-border financial service platforms, providing more business opportunities and better addressing the growing needs of individuals and enterprises in the financial and foreign exchange sectors.
Firstly, we will improve high-quality financial foreign exchange services, investing more efforts in pilot scena