Jiangsu’s cross-border trade pilot program saves businesses 100 million yuan in one year

In February 2024, Jiangsu launched a pilot program to simplify cross-border trade and investment. Over the past year, five key policies aimed at making foreign exchange transactions easier have been successfully implemented, helping businesses save over 100 million yuan in costs, said the provincial branch of the People’s Bank of China, the nation’s central bank. This program now covers all cities and counties in Jiangsu.

By the end of 2024, 42 banks in Jiangsu had processed $187.2 billion in simplified foreign exchange transactions for 5,959 enterprises. The pilot has particularly benefited specialized enterprises, small and medium-sized enterprises (SMEs), private businesses, and green trade companies, which now account for a significant share of participants.

One of the biggest advantages of the new policies is the streamlined documentation and faster transaction processing, allowing funds to be approved within minutes.

Additionally, the pilot program has supported Jiangsu’s manufacturing sector by strengthening supply chains and improving efficiency. In 2024, pilot companies contributed to 60% of Jiangsu’s high-tech import and export.

With improved efficiency, businesses that integrate both goods and services trade accounted for only 23% of enterprises but contributed 84% of foreign exchange transactions, highlighting their importance in cross-border trade.