Many banks including the Agricultural Bank of China and the Industrial and Commercial Bank of China have announced the optimization of personal foreign exchange services, which is expected to save expenses for customers who exchange currency or remit overseas.
According to the announcements, all currencies are exempted from the conversion price difference between cash and spot exchange when banks handle foreign exchange-related business,
Dong Ximiao, chief researcher of Merchants Union Consumer Finance Company Limited, said that because the storage and transportation of foreign exchange cash lead to extra costs, the price of foreign exchange cash is higher than that of spot exchange. The new policy saves money for business handling and makes foreign exchange transactions simpler and more convenient, he said.
"To put it simply, from now on, when we conduct foreign currency exchange and cross-border remittances in these banks, we only need to pay attention to changes in exchange rates, free from considering the price difference between remitting money and cash deposit. That means the clients will pay less for relevant services," Dong said.
Chinese commercial banks issue new policies to save costs for foreign exchange businesses
China is accelerating efforts to build low-altitude infrastructure, with new takeoff and landing facilities, communication networks, and digital systems being constructed in key cities to facilitate the development of this rapidly growing sector.
Low-altitude economy refers to the economic activities and industries centered around manned and unmanned aerial vehicles operating in the airspace usually within 1,000 meters above the ground.
In southern tech hub of Shenzhen, a newly operational rooftop helipad is a key part of the city's push to expand its low-altitude economy. Originally built for fire safety, the helipad has been repurposed with plans for a new aerial sightseeing route in the surrounding area.
"We've estimated the investment, and it's relatively modest since the foundational infrastructure is already in place. The costs will likely be in the range of a few million yuan. If rooftop helipads are connected, it could create an aerial transportation network that links different buildings together," said Kuang Hu, vice chairman of Guangdong Yuehai Land Group.
Shenzhen aims to complete over 1,200 low-altitude facilities by 2026, with the local government offering subsidies of up to 2 million yuan (over 270,000 U.S. dollars) per project. These efforts are part of a broader strategy to create a seamless low-altitude infrastructure ecosystem that integrates airspace management, flight paths, and services.
"By the end of 2026, the district aims to complete 100 low-altitude infrastructure projects," said Chen Wenlei, deputy director of the Development and Reform Bureau of Luohu District, Shenzhen.
"We are in the process of establishing a comprehensive network that includes infrastructure, airspace management, flight paths, and services. By integrating these four key networks into a unified low-altitude standard system, we aim to promote the seamless opening and integration of low-altitude airspace infrastructure and systems," said Cheng Tao, executive secretary of the Shenzhen Low-altitude Economy Industry Association.
In Shanghai, the East China UAV Base has been approved for testing new drones, technologies, and services within a 1,370-square-kilometer airspace. A newly deployed 5G base station at the base offers both communication and radar-like sensing capabilities, essential for managing low-altitude airspace.
"Currently, the station covers a radius of several kilometers, offering crucial data such as the aircraft's latitude, longitude, altitude, speed, and other key metrics. Once airborne, all types of aircraft require communication. For those flying below 300 meters, we can provide tailored coverage for their flight paths," said Du Yanyan, deputy general manager of the Planning and Technology Department at China Mobile Shanghai.
Experts say that technologies like 5G and the BeiDou navigation system are essential to supporting China's low-altitude infrastructure. However, they emphasize the need for network interoperability to address challenges as drones and aircraft transition between regions.
"The low-altitude communication and sensing networks being developed in various regions each follow different technical approaches. For example, when a drone travels from Area A to Area B, it must switch networks, and addressing these challenges promptly is crucial," said Du Jiadong, head of the network and application group at the Low-altitude Economy Research Center, China Academy of Information and Communications Technology (CAICT).
The Civil Aviation Administration of China estimates that the country's low-altitude market will soar from 500 billion yuan in 2023 to 1.5 trillion yuan in 2025 and as much as 3.5 trillion yuan in 2035.
This year, for the first time, the term "low-altitude economy" was included in the Chinese government's work report, signifying an official endorsement that has emboldened numerous cities.
Infrastructure networks rapidly taking shape to boost low-altitude economy
