国家外汇局发布跨境投融资改革措施

Core Points - 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 high-level openness and support high-quality economic development [1][5] Group 1: Cross-Border Investment Foreign Exchange Management Reform - The notice cancels the basic information registration for pre-investment expenses for domestic direct investment, allowing foreign investors to directly open accounts and remit funds without prior registration [1] - It eliminates the registration requirement for domestic reinvestment by foreign-invested enterprises, enabling direct transfer of reinvestment funds to relevant accounts [1] - Foreign exchange profits generated by foreign-invested enterprises can now be reinvested domestically without additional registration requirements [1] Group 2: Cross-Border Financing Foreign Exchange Management Reform - The notice expands the convenience of cross-border financing, allowing eligible high-tech and small and medium-sized enterprises to borrow foreign debts up to the equivalent of $1 million, with selected enterprises able to borrow up to $2 million [2] - It simplifies the registration requirements for cross-border financing, removing the need for audited financial reports during the signing and registration process [2] Group 3: Capital Project Income Payment Facilitation - The notice reduces the negative list for capital project income usage, allowing non-financial enterprises to use foreign exchange income for genuine and self-use purposes, while prohibiting certain investments and loans [3] - It optimizes the facilitation of capital project foreign exchange income payment, allowing banks to determine the frequency of random checks based on compliance and risk levels [3] - It facilitates foreign individuals' currency exchange for real estate purchases in China, allowing them to process payments before obtaining necessary documentation [3][5] Group 4: Regulatory Oversight and Future Directions - Banks are required to enhance post-monitoring of cross-border investment and capital project income payment facilitation, ensuring compliance and reporting suspicious activities [4] - The SAFE aims to continuously promote reforms and support legitimate cross-border investment activities to better serve the high-quality development of the real economy [5]