China is advancing reform in foreign exchange business to streamline procedures and provide operational guidance for enterprises, with six supporting rules released on Friday to further define the rules and standards for key aspects of bank operations.

Bạn đang xem: Forex business reform improve efficiency, provides guidance for firms

The reform has effectively helped foreign trade enterprises save time in processes and improve business efficiency, according to Cheng Siyuan, a financial staff member at the Hiking comprehensive foreign trade service platform in Qingdao City of east China’s Shandong Province.

Cheng’s main job is to handle foreign exchange transactions for small and medium-sized foreign trade enterprises.

“I need to process 68 foreign exchange transactions today. I only need to issue the receipt and payment instructions online, and submitting an application for each transaction takes just a few seconds. The bank can complete the process in a few minutes if it’s efficient. Now, most transactions are submitted and completed on the same day,” said Cheng.

Since the launch of the foreign exchange business reform, high-quality enterprises with stable operating conditions and high credibility can process certain foreign exchange transactions online.

Data show that by the end of November, 10 commercial banks across China had joined in the foreign exchange business reform, covering 31 provinces, autonomous regions, municipalities directly under the central government, and five cities with independent budgetary status. Over 15,000 high-quality clients, including small and medium-sized enterprises and private companies, have been included.

Xem thêm : Gold Signals Caution: A Shift in Trend Ahead?

“Banks no longer need to conduct audits and verifications one by one on every foreign exchange transaction while cooperating with these enterprises. The average processing time has been shortened by 50 to 75 percent. Additionally, banks can innovate and customize various facilitation services and products based on the client’s risk level, allowing for a more precise alignment with customer needs,” said Li Bin, deputy head of the State Administration of Foreign Exchange.

Homegrown snow gear and facilities are now helping resorts across China provide better services to skiers who are expecting domestic brands to roll out more high-quality and thoughtful products that fit better with habits of Asian users.

The rising demand of Chinese skiers is boosted by a growing market with industry reports predicting that the country’s ice and snow economy will surpass 1 trillion yuan (about 140 billion U.S. dollars) by 2025.

Since hitting the slope is no longer a niche sport, resorts across China receive an increasing influx of snow enthusiasts. In particular, the Beidahu Ski Resort, one of the best destinations for skiers in northeast China’s Jilin Province, is welcoming up to 10,000 snow enthusiasts daily.

Eleven of the 13 cable cars in the resort were designed and produced in China. Running six meters per second, it takes only 12 minutes for them to carry the skiers up to the mountaintop.

Xem thêm : USD/MXN Forecast Today – 27/12: Holds Above 20 (Video)

“As wind resistance and speed of the cable cars were significantly improved, their quality almost matches the imported products,” said Yan Shuai, marketing director of the Beidahu Ski Resort.

Homegrown snowboards made with carbon fiber and protective gear featuring high-tech fabrics are also winning Chinese customers’ favor and many of the updated goods are specially designed for Asian users.

“The ski goggle has three layers of sponge padding, which help it fit better with the faces of Asian users and effectively minimize lens fogging during skiing,” said Jia Xiaona, a store manager.

As winter sports become increasingly popular in China, domestic brands are receiving increasing anticipation from skiers who believe that it is quality that will finally help homegrown products to win over customers.

“I think many snowboarders feel that Chinese brands need to deliver standout performance to truly impress. Once they do, confidence in these brands will certainly grow. I think the shift will take some time, because we have relied on imported snowboards for so many years,” said Li Jiongxuan, a snowboarder from north China’s Tianjin Municipality.