On March 23, China's first cross-border financial service platform for foreign exchange payment facilitation was launched in the China (Shandong) Pilot Free Trade Zone Qingdao Area, which is located in the West Coast New Area.
The platform is the first pilot of the Cyberspace Administration of China blockchain innovation platform, and its purpose is to facilitate commerce and improve the business environment.
The State Administration of Foreign Exchange is in charge of the platform, which was started by the State Administration of Foreign Exchange Qingdao Branch and the State Taxation Administration of Qingdao Tax Service.
According to the executive of a power equipment trading company in the WCNA, they used to handle foreign exchange business through on-site review of paper tax invoices in banks. Since the implementation of the new platform, enterprises only need to provide electronic invoice information online, which shortens the processing time from 1 hour to 10 minutes.
Qingdao is a coastal city with prosperous international shipping and freight forwarding industries. It is estimated that the platform will benefit from foreign exchanges valued at more than $2 billion for enterprises in the new area.