China's State Administration of Foreign Exchange (SAFE) on Friday announced the expansion of pilot programs of high-level opening-up policies for cross-border trade and investment throughout Shanghai, Jiangsu, Guangdong, Beijing, Zhejiang, and Hainan.

The move will facilitate more business entities to conduct cross-border trade and investment in a compliant manner and promote high-quality development through high-level opening-up.

The SAFE announced eight pilot policies concerning current and capital accounts in the six provincial-level regions.

In 2022, the SAFE launched high-level opening-up trials for cross-border trade and investment in some areas of Shanghai, Guangdong, Hainan, and Zhejiang.

The SAFE said it would continue strengthening high-quality financial services, improving its oversight capacity, and safeguarding the bottom line against systemic risks. 

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