跨境投融资将更加便利

Core Viewpoint - The State Administration of Foreign Exchange (SAFE) has issued a notice to deepen the reform of cross-border investment and financing foreign exchange management, which includes nine specific policies aimed at enhancing the convenience of cross-border investment and financing, optimizing capital project income and payment processes, and promoting a better business environment for high-quality economic development [1][2][3]. Group 1: Cross-Border Investment Management Reform - The notice cancels the basic information registration for foreign direct investment (FDI) pre-expense, allowing foreign investors to directly open pre-expense accounts at banks and remit relevant funds without prior registration [1]. - This cancellation is expected to reduce the "footing costs" for foreign investors and improve capital efficiency, facilitating faster investment implementation [1]. Group 2: Cross-Border Financing Management Optimization - The notice eliminates the registration requirement for foreign investment enterprises' domestic reinvestment, which had already been piloted in 19 provinces and cities, and will now be implemented nationwide [2]. - The macro-prudential management of cross-border financing by the People's Bank of China and SAFE limits corporate borrowing from foreign debts to a certain proportion of their net assets, which can hinder financing for high-tech and specialized small and medium-sized enterprises [2]. - Currently, 17 provinces and cities allow eligible high-tech and specialized small and medium-sized enterprises to independently borrow foreign debts up to the equivalent of $1 million, while other regions can borrow up to $500,000 [2]. Group 3: Increased Foreign Debt Quotas - The notice raises the foreign debt convenience quota for eligible high-tech, specialized, and innovative small and medium-sized enterprises nationwide to $1 million, with a special quota of $2 million for enterprises selected through an "innovation points system" [3]. - This policy is expected to help enterprises reduce financing costs, increase research and development investment, and promote technological advancement [3].