Although the rapid development of cross-border e-commerce and payment services has brought huge profit margins to enterprises, it may also bring huge risks to enterprises if it is not properly managed. The current operational bottlenecks of cross-border e-commerce and payment services in my country are mainly reflected in the following aspects.
1. Difficulty in verifying the authenticity of transactions
The virtuality of e-commerce directly makes it difficult for foreign exchange regulatory authorities to verify the authenticity of cross-border e-commerce transactions and the legality of payment funds, providing a way for abnormal funds at home and abroad to handle receipts and payments through cross-border e-commerce.
2. Difficulties in reporting international balance of payments
On the one hand, through electronic payment platforms, bank accounts of domestic and foreign e-commerce do not directly flow cross-border funds, and it often takes 7 to 10 days for payment platforms to complete the actual transaction funds settlement. Therefore, it is difficult to implement the regulations for the transaction subject to handle the declaration of external receipts and payments. On the other hand, different transaction methods also have a certain impact on the subject of international balance of payments reporting. For example, under the agent purchase payment method, the actual purchaser of foreign exchange is the transaction subject, and the transaction subject should make an international balance of payments declaration, but as mentioned above, it is difficult to implement; under the offline unified purchase payment method, the actual purchaser of foreign exchange is the payment institution, and the payment institution can be the main body to make an international balance of payments declaration, but this declaration method is difficult to reflect the essence of the funds for each transaction, which will increase the difficulty of foreign exchange supervision.
3. Lack of management of foreign exchange reserve funds account
With the development of cross-border e-commerce, the problem of foreign exchange reserve fund management has become increasingly prominent, and there are still no clear regulations on the management of foreign exchange reserve funds in China. For example, whether foreign exchange reserve funds belong to the current account category or the capital account category (managed according to trade credit), the opening of foreign exchange reserve fund accounts, the scope of income and expenditure, the reporting of income and expenditure data, whether the same institution’s domestic and foreign currency reserve funds can be netted and settled, etc. There is no unified management standard, which makes it easy for foreign exchange reserves to be separated from the foreign exchange supervision system.