China will prioritize emergency forex business for Winter Olympics

Beijing 2022 Winter Olympics Photo:VCG

China will offer priority and special policies to emergency and special foreign exchange business during the Winter Olympics, State Administration of Foreign Exchange (SAFE) spokesperson Wang Chunying told a press conference on Friday. 

Wang said the Winter Olympics is a big event for the country and for Beijing. In the context of meeting the requirements of relevant departments for epidemic prevention and control and adhering to closed-loop management, further convenience will be provided for relevant forex business. 

The official discussed measures including simplifying the foreign exchange business process and material review for individuals inside the specified areas, providing foreign currency exchange and automatic machine services for the Games, and facilitate procedures for foreign individuals in the Beijing Winter Olympics-related areas to handle foreign exchange business.

SAFE will also facilitate account-opening procedures, and innovative services, support more banks to provide facilitation services for foreign tourists in China to use mobile payment tools for small-amount consumption under the premise of controllable risks.

According to the regulator, bonus payments and tax refund business related to the event will also be facilitated.

The move comes as the 2022 Winter Olympic Games, co-hosted by Beijing and Zhangjiakou in Hebei Province, will begin on February 4. The atmosphere of the Olympics is already in the air in Beijing. In recent days, the capital city of China has been adorned with Olympic elements that can be spotted in many places.

Chinese authorities from SAFE to Chinese customs have been offering special measures in an effort to provide convenience and boost efficiency to relevant businesses related to the Games.

Global Times