国家外汇管理局发布新政 深化跨境投融资外汇管理改革

Core Viewpoint - The State Administration of Foreign Exchange (SAFE) has announced a series of reforms to enhance cross-border investment and financing, aiming to support the development of the real economy and facilitate compliant cross-border activities [1]. Cross-Border Investment Management - The new regulations eliminate the requirement for foreign direct investment (FDI) preliminary expense registration and reinvestment registration for foreign-invested enterprises, expanding the previously trialed exemption policy nationwide [2]. - Foreign exchange profits from foreign direct investments are now allowed to be reinvested domestically, and the "Kehuitong" policy, which facilitates foreign funding for non-enterprise research institutions, has been extended across the country [2]. Cross-Border Financing Management - The reforms increase the cross-border financing facilitation limit for high-tech, "specialized and innovative," and technology-based small and medium-sized enterprises to the equivalent of $10 million, with some eligible companies receiving an increased limit of $20 million [2]. - The registration management requirements for cross-border financing have been simplified, removing the need for audited financial reports from the previous year during the signing and registration process [2]. Capital Project Income Payment Optimization - The negative list for capital project income usage has been reduced, lifting restrictions on using capital project income for purchasing non-self-use residential properties [3]. - Banks are now allowed to autonomously determine the proportion and frequency of random checks based on clients' compliance and risk levels, enhancing the management of capital project foreign exchange income payments [3]. - Foreign individuals can now process foreign exchange payments for property purchases with a contract or agreement before obtaining the necessary purchase registration documents, without altering existing policies for foreign individuals purchasing property domestically [3]. Future Outlook - SAFE plans to continue advancing reforms in the foreign exchange sector to support legal and compliant cross-border investment and financing activities, thereby better serving the high-quality development of the real economy [3].