China’s State Administration of Foreign Exchange said a Party leadership meeting chaired by Administrator Zhu Hexin on Oct. 30, 2026 called for a tougher crackdown on illegal cross-border financial activity as part of a broader policy agenda on foreign exchange management. The meeting conveyed and studied the key speech by President Xi Jinping at the Fifth Plenary Session of the 20th CPC Central Committee and discussed implementation steps.
According to the meeting statement, SAFE will follow major decisions made by the central authorities and carry out the requirements of the 15th Five-Year Plan. The agenda included improving a foreign exchange management framework that is more convenient, more open, more secure and smarter, while pushing deeper reform and higher-level opening in the foreign exchange sector.
The statement also said the regulator will work on the “five major financial tasks,” safeguard the stability of the foreign exchange market and national economic and financial security, strengthen foreign reserve operation and management capabilities, and stay on what it described as a path of financial development with Chinese characteristics.
Odaily reported that Zhu Hexin, Party secretary and administrator of the State Administration of Foreign Exchange, chaired a Party leadership meeting on Oct. 30, 2026. The meeting conveyed and studied President Xi Jinping’s key speech at the Fifth Plenary Session of the 20th CPC Central Committee and the spirit of the plenary session, and discussed follow-up implementation. Members of SAFE’s Party leadership group attended the meeting.
The meeting said the agency should firmly implement major decisions and arrangements made by the central authorities and earnestly carry out the requirements of the 15th Five-Year Plan. It called for improving a foreign exchange management system and mechanism that is more convenient, more open, more secure and smarter, advancing deeper reform and higher-level opening in the foreign exchange sector, carrying out the “five major financial tasks,” safeguarding the stability of the foreign exchange market and national economic and financial security, cracking down hard on illegal cross-border financial activity, strengthening capabilities in the operation and management of foreign exchange reserves, and following a path of financial development with Chinese characteristics.
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