The State Administration of Foreign Exchange (SAFE) is piloting a program to allow cross-border foreign exchange payment services to facilitate overseas ecommerce transactions. Payment companies are allowed to open more foreign exchange accounts, but they have to register first and keep transaction information for five years so SAFE can perform regular checks.
China piloted the cross-border foreign exchange payment institutions in Shanghai, Beijing, Chongqing, Zhejiang and Shenzhen in 2013 to serve the growing demand for overseas online shopping. The trade volume in Chinas cross-border ecommerce pilot cities surpassed USD 489.12 million (CNY 3 billion) by the end of 2014, according to the General Administration of Customs.
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