china's foreign exchange regulatory reform in the new era
with the approval of the state council，the state administration of foreign exchange released a number of high-level opening-up pilot projects of cross-border trade and investment on january 4，2022，including lingang new area of shanghai free trade pilot zone，nansha new area of guangdong free trade pilot zone，yangpu economic development zone of hainan free trade port，and beilun district，ningbo city，zhejiang province.
this pilot reform has given full play to the role of pilot in special economic regions. the establishment of special economic zones is a major decision made by the communist party of china (cpc) and china to further promote reform，opening-up and socialist modernization. since the reform and opening-up，foreign exchange reform in special economic regions has gone through five rounds of development.
the first round of development can be traced back to the early stage of the reform and opening-up. foreign exchange reservation system was implemented in the five special economic zones of shenzhen，zhuhai，xiamen，shantou and hainan，the to encourage enterprises to earn foreign exchange by exporting，which greatly alleviated chinas shortage of foreign exchange and promoted the development of foreign-related economy.
the second round was in the 1990s，when bonded zones were established in china，including shanghai waigaoqiao free trade zone，tianjin port，and futian district，pingshan port and yantian port in shenzhen. in accordance with the requirements of the socialist market economy，facilitation measures had greatly promoted the development of the export-oriented economy. for instance，allowing enterprises in the bonded zone to retain foreign exchange income under the current account and not implementing import and export verification and write-off.
