外资，重大利好！

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, aiming to enhance the convenience of cross-border investment and financing, attract foreign investment, and promote high-quality development of the real economy [1] Group 1: Investment Reforms - The notice cancels the basic information registration for pre-investment expenses under Foreign Direct Investment (FDI), allowing foreign investors to directly open accounts and remit funds without prior registration [2] - It allows FDI profits generated in China to be reinvested domestically, facilitating the reinvestment of foreign exchange profits obtained legally by foreign investors [2] - The policy expands the "Kehuitong" program, which allows non-enterprise research institutions to receive foreign funds, to a national level [2] Group 2: Financing Reforms - The notice increases the cross-border financing convenience limit for high-tech, "specialized and innovative," and technology-based small and medium-sized enterprises to the equivalent of 10 million USD, with some selected enterprises receiving an increased limit of 20 million USD [3] - It simplifies the registration management for cross-border financing, eliminating the requirement for audited financial reports from the previous year during the signing and registration process [3] Group 3: Payment Convenience - The notice reduces the negative list for the use of foreign exchange income and its converted RMB for domestic payments, removing restrictions on purchasing non-self-occupied residential properties [4] - It promotes a "pay first, supplement later" approach for foreign individuals purchasing property in China, allowing them to exchange foreign currency before obtaining the necessary purchase registration documents [5] - The notice allows banks to determine the frequency and proportion of random checks for compliance based on customer operations, enhancing the experience of enterprises in foreign exchange payment facilitation [5]