A bank staff member counts RMB and US dollar notes in Nantong, Jiangsu province, on Aug 28, 2019. [Photo/Sipa]

Foreigners eligible for a 'fast pass' that simplifies conversion at banks

Shanghai became the first city in China to launch a pilot policy that simplifies currency exchange services for foreigners.

Foreigners who work in companies registered in Pudong district will no longer need to bring documents such as employment contracts, proof of income and tax completion certificates when they want to exchange their money in Chinese yuan to foreign currencies.

For the service, all they need is a fast pass, which they can apply for at the district's foreigner work permit office by filling out a Fast Pass on Foreign Talents Remuneration Foreign Exchange, which includes personal, employment and tax information.

With the fast pass, foreigners can purchase foreign exchange at all banks in Shanghai without further verification for an unlimited number of times as long as the total purchases don't exceed their legal income.

The State Administration of Foreign Exchange's Shanghai branch said the policy will be gradually rolled out across the city, and it will direct banks to develop related e-banking functions.

The pilot policy, which was announced at the 2020 Shanghai Global Talents Innovation and Entrepreneurship Summit, is the latest move by the city to improve the working environment for foreigners to attract talent from around the world.

In September, the city made it easier for foreigners who come to Shanghai to start a business.

Before, foreigners had to first be employed by a company to apply for a work permit. Now, the revised policy includes business incubators as eligible entities to help foreign entrepreneurs with projects obtain work permits.

Kurosawa Kazunori and Osaka Hiroaki, who focus on imaging sensor technology, became the first to get their work permits with the help of Cantor Jungle Incubator at Thursday's summit.

More than 10,000 high-level positions for hiring and a list of key technology projects submitted by 867 companies that need talent were also released at the summit. The total investment of the projects exceeded 4 billion yuan ($612 million).

Wu Ping, president of the Shanghai Overseas Talents Development Association, said, "Talent is very important for the development of a country. I hope Shanghai can also become a destination for global talent."

According to the municipal science and technology commission, which oversees the issuing of foreigner work permits, the number of foreigners working in Shanghai reached 215,000 last year, topping all cities on the Chinese mainland.