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上海持续提升跨境投融资便利化水平

Core Viewpoint - The article highlights the implementation of cross-border financing facilitation policies in Shanghai, aimed at easing the financial pressures on technology-oriented enterprises, particularly in the biotech sector, by expanding their access to foreign debt financing [1][2][3]. Group 1: Cross-Border Financing Policies - The State Administration of Foreign Exchange (SAFE) Shanghai Branch has included technology-oriented SMEs in the cross-border financing facilitation pilot program, allowing eligible high-tech and specialized enterprises to borrow foreign debt up to $10 million based on actual operational needs [3]. - Since the expansion of this policy in 2024, eight technology companies in Shanghai have completed nine pilot transactions, accelerating their innovation and development [3]. - The facilitation of foreign debt registration has led to nearly 600 registrations, including over 80 for technology companies, significantly reducing operational and communication costs for these firms [5][6]. Group 2: Financial Support for Technology Companies - A specific biotech company received a foreign debt quota of 11 million RMB within two weeks of applying for the facilitation policy, demonstrating the efficiency of the new measures [2]. - The SAFE Shanghai Branch has also streamlined the process for non-financial enterprises to list abroad and for foreign employees to participate in domestic equity incentives, enhancing access to international capital markets [3]. Group 3: QFLP Pilot Program - The Qualified Foreign Limited Partner (QFLP) pilot program has been expanded to cover the entire Shanghai area, allowing foreign investors to participate in domestic equity investments more easily [4]. - The QFLP program primarily targets high-tech sectors such as biomedicine, information technology, and new materials, with over 40% of investments directed towards high-tech fields [4]. Group 4: High-Level Open Policies - Starting in 2024, several high-level open policies have been extended to the entire Shanghai area, effectively lowering cross-border financing costs for technology companies [5]. - By the end of March, 39 banks and 828 quality enterprises participated in the high-level open pilot, processing 374,100 facilitation transactions totaling $212.45 billion, with specialized enterprises accounting for 32 million [6]. Group 5: Cross-Border Fund Management - The SAFE Shanghai Branch is enhancing the management of cross-border fund operations for multinational companies, allowing for better resource allocation and efficiency in fund usage [9][10]. - The introduction of the "3.0 version" of the cross-border fund pool policy aims to facilitate the centralized management of both domestic and foreign currency funds for multinational corporations [9][10].