The PBOC and multiple ministries released guidance to financial support
building international science-and-tech innovation hubs in Beijing
(Jing‑Jin‑Ji), Shanghai (Yangtze River Delta) and the Guangdong‑Hong Kong‑Macao
Greater Bay Area. Key market measures: pilot facilitation of cross‑border trade
financing for tech firms; faster, more efficient cross‑border settlement
services for exporters of R&D, IP, software and compute services; permission for
domestic tech firms’ offshore R&D centers, offshore innovation platforms and
overseas tech subsidiaries to open onshore FX accounts to ease cross‑border
allocation of R&D funds; creation of streamlined cross‑border receipts/payments
services for priority tech sectors; optimization of domestic banks’ overseas
loan management and broadening of offshore financing channels for Chinese tech
firms. The guidance also allows domestic non‑enterprise research institutes to
receive and use foreign funding under FX remittance procedures aligned with
foreign direct investment rules.
