Core Insights - The report from the State Administration of Foreign Exchange indicates that China's current account is expected to remain balanced in the second half of 2025, with cross-border investment and financing likely to improve steadily [2] - As of June 2025, China's total external debt was $2.4368 trillion, showing a slight decrease of 0.6% from March 2025, with a stable debt scale and currency structure [2][7] Trade Performance - In the first half of 2025, China's current account surplus was $294.1 billion, remaining within a reasonable range, with total goods trade volume increasing by 2% year-on-year [4] - Goods exports reached $1.7 trillion, a 7% increase year-on-year, while imports were $1.2 trillion, down 4% year-on-year [4] - Service trade showed robust growth, with total service imports and exports rising by 6% year-on-year, and travel income increasing by 42% to $24.3 billion, marking a historical high for the same period [4][5] Foreign Investment and Debt - By June 2025, China's foreign financial assets exceeded $11 trillion, while liabilities were over $7.2 trillion, resulting in a net foreign asset of $3.8 trillion, a 16% increase from the end of 2024 [7] - Direct investment in China accounted for 51% of total foreign liabilities, while securities investment made up 30%, reflecting a rising trend [7] Future Outlook - The report anticipates that the external environment will remain complex, with potential pressures from trade protectionism and geopolitical conflicts, but China's economic fundamentals are strong enough to support stable international payments [9] - The foreign exchange management department plans to expand reforms and facilitate cross-border trade and investment, while also enhancing monitoring to mitigate external risks [10]

北京商报讯(记者刘四红)9月22日，国务院新闻办公室举行"高质量完成'十四五'规划"系列主题新闻发布会，介 绍"十四五"时期金融业发展成就。中国人民银行副行长、国家外汇管理局局长朱鹤新在会上的表态，引发市场 的广泛关注，也为后续外汇市场与人民币汇率走向提供重要指引。 "十四五"以来，外汇领域有效统筹发展和安全，稳步推进高水平开放，为构建新发展格局提供有力支持。 国际收支运行方面，面对更趋复杂严峻的外部环境，我国涉外经济顶住压力、稳定发展，对外经贸呈现多元 化格局、韧性增强。国际收支基本平衡，经常账户顺差与GDP之比保持在合理区间。跨境双向投融资活跃，7 月末境外机构和个人持有境内股票、债券、存贷款超10万亿元。 外汇服务实体经济质效方面，"越诚信越便利"的外汇服务环境更加优化。支持银行根据企业信用状况，采用相 应的便利化措施，业务办理时间大幅缩短。朱鹤新介绍，其中，凭指令即可办理业务的企业数较2020年末增 长5倍以上。取消贸易外汇收支名录登记等行政许可，外汇局行政许可业务笔数下降超70%。 同时，开放环境下的监管能力和风险防控能力也在持续增强。在持续深化外汇市场发展的同时，外汇局不断 完善外汇市场"宏观审慎 ...

Group 1: Financial Market Insights - The chairman of the China Securities Regulatory Commission emphasized the need to enhance the role of long-term funds as a stabilizer and attract more global capital to invest in China [1] - Following the Federal Reserve's decision to lower the federal funds rate by 25 basis points, some banks in Beijing still offer dollar deposit rates above 3%, but a decrease is expected soon [2] - The global PC gaming hardware market is projected to grow by 35% year-on-year in 2025, reaching $44.5 billion, driven by the end of Windows 10 [2] Group 2: Commodity and Material Trends - After the Fed's rate cut, copper prices stabilized, and the waste copper market showed resilience, with improved processing profits and a potential for price rebound [3] - The price of centralized components has slightly decreased, with a forecasted production drop of about 1GW in September due to reduced project evaluations [3] Group 3: Corporate Developments - OpenAI is reportedly collaborating with domestic supply chains, including Luxshare Precision, to develop consumer-grade devices [4] - JD Industrial Co., Ltd. has filed for overseas listing, planning to issue up to 253 million shares on the Hong Kong Stock Exchange [5] - Chery Automobile is expected to set its Hong Kong IPO price at the upper end of the range due to strong investor demand, potentially raising HKD 9.1 billion [6] Group 4: Project and Contract Announcements - New Xiang Chemical announced a production line will be shut down for renovation, expected to impact profits by approximately 48 million yuan [7] - Hai Xing Electric is a recommended candidate for a National Grid procurement project, with an estimated contract value of about 128 million yuan [8] - Samsung Medical is also a recommended candidate for multiple National Grid procurement projects, with a total expected contract value of approximately 193 million yuan [9] - Youxunda is projected to win a National Grid procurement project worth about 107 million yuan, representing 10.55% of its 2024 revenue [10] - Pulaide signed a strategic cooperation agreement with an international electric tool brand, with a total procurement amount exceeding 700 million yuan over five years [11] - Boshi Co. signed an industrial service contract worth approximately 96.99 million yuan with Guoneng Baotou Coal Chemical [12] Group 5: Market Performance - The STAR 50 Index surged by 3.38%, with several chip stocks reaching historical highs, while the overall market saw a mixed performance with significant movements in various sectors [12]

Core Viewpoint - The press conference highlighted the achievements of the financial industry during the "14th Five-Year Plan" period, emphasizing the role of medium- and long-term funds as stabilizers and the need to enhance cross-border investment convenience to attract global capital to China [2] Group 1 - The China Securities Regulatory Commission (CSRC) Chairman Wu Qing stated the importance of medium- and long-term funds acting as a "ballast" and "stabilizer" for the financial market [2] - There is a continuous effort to strengthen long-term assessments and improve the convenience of cross-border investment and financing [2] - The goal is to attract more global capital to invest in China and share in its growth [2]

Group 1 - The core viewpoint emphasizes the importance of long-term capital as a stabilizing force in China's financial sector during the "14th Five-Year Plan" period [1] - The China Securities Regulatory Commission (CSRC) aims to enhance the assessment of long-term performance and improve the convenience of cross-border investment and financing [1] - The goal is to attract more global capital to invest in China, allowing for shared growth opportunities [1]

9月14日，在2025年中国国际服务贸易交易会成果发布环节，连续三年参加服贸会的成都创新金融研究 院发布跨境投融资数字服务平台、《成都出海企业白皮书》等全球创新金融系列成果。 成都创新金融研究院开展系统性调研，通过企业访谈、问卷调查和数据分析等多维方法，形成《成都出 海企业白皮书》，全面呈现成都企业国际化发展的经验成果与路径探索。 在现场及海内外线上嘉宾的共同见证下，成都创新金融研究院联合成都金融周及全球合作伙伴，正式发 起设立成都金融国际咨询顾问委员会。 此次发布集中展示了成都创新金融研究院在前沿金融研究、国际资源整合和产融合作模式创新等方面的 最新进展。成都创新金融研究院理事长傅诚刚表示，成都创新金融研究院将继续依托成都开放创新优 势，持续推出具有标志性和引领性的研究成果与服务模式，进一步深化与全球资源的对接与合作，助力 成都乃至西部地区高质量开展对外开放与国际合作。 跨境投融资数字服务平台在首届成都金融周首发亮相后持续迭代升级，此次发布会集中展示了平台二期 建设的最新成果。跨境投融资数字服务平台二期依托成都（四川）出海企业数据库，构建起成都（四 川）企业全球化布局全息图谱。 目前，该平台已首批收录近20 ...

会上，上交所表示，企业布局海外市场是落实国家制度型开放的生动实践，有助于让中国规则、中国标 准、中国故事走向世界。同时，上交所将推动沪新ETF互通持续发展，助力境外投资者把握中国资本市 场深度发展的历史机遇，拥抱中国高质量发展的时代红利。 下一步，上交所将在证监会统筹指导下，持续打造便利友好的跨境投融资环境，坚定不移推动资本市场 高水平制度型开放，助力经济高质量发展。 近年来，上交所和新交所不断加强合作交流，各项业务成果渐次落地。2023年12月，两所联合推动了沪 新ETF互通产品落地，目前，已有5只ETF互通产品在两地交易所成功上市。2024年1月，上交所和新交 所合作编制的中证新交所亚洲新兴市场科技指数正式发布，标志着两所指数合作项目实质性落地。 本次交流会聚焦沪新资本市场合作新机遇，探索深化沪新资本市场合作路径，助力沪市企业拓展国际市 场。与会代表围绕上市公司高质量发展以及深化沪新ETF互通机制等方面展开深入讨论。 9月5日，上海证券交易所(以下简称上交所)和新加坡交易所(以下简称新交所)在上交所联合举办了"沪新 深化合作交流会"。近70家沪市上市公司和两地机构积极参与。 ...

近年来，中国资本市场稳步推进高水平制度型开放，证券行业引进外资机构的步伐明显加快，目前已有 16家外资券商，展现出强劲发展动能。外资券商在华展业乘势而起，既得益于中国金融高水平开放的历 史机遇，也依托中国市场的巨大增长潜力。外资券商在实现自身发展的同时，通过引入国际经验与创新 实践，不仅推动了市场生态的多元化和行业标准的国际化，也正逐步成为中国金融业高质量发展的重要 参与力量。 笔者认为，外资机构与中国市场"双向奔赴"，从三个维度生动展现出金融高水平对外开放的新格局。 第一，开放深化，外资机构迎来发展新机遇。 中国资本市场的持续对外开放政策为外资券商发展提供了良好环境。自2020年中国取消外资对券商持股 比例限制以来，政策红利不断释放：从合资到控股再到独资，外资券商的准入门槛逐步降低。中央金融 工作会议明确提出，坚持"引进来"和"走出去"并重，稳步扩大金融领域制度型开放，提升跨境投融资便 利化，吸引更多外资金融机构和长期资本来华展业兴业。这些政策举措为外资券商创造了更加公平、透 明、可预期的市场环境，使其能够更好地发挥自身优势，深耕中国市场。 在此背景下，摩根大通、高盛、渣打等国际金融巨头纷纷抢滩中国市场，设 ...

Core Points - The "Document No. 37" is crucial for founders planning to establish red-chip or VIE structures for overseas financing, serving as a compliance bridge between domestic assets and foreign capital [2][3] - It is a foreign exchange registration system established by the State Administration of Foreign Exchange to regulate domestic residents' capital operations through overseas special purpose vehicles (SPVs) [3][4] - The importance of Document No. 37 lies in its role as a compliance foundation for cross-border capital structures, preventing legal gray areas that could hinder overseas financing and profit repatriation [3][4] Summary by Sections 1. What is Document No. 37 Registration and Why is it Important? - Document No. 37, officially titled "Notice on Foreign Exchange Management Related to Domestic Residents' Investment and Financing through Special Purpose Companies Overseas," is essential for ensuring that all capital flows are traceable and manageable [3] - Non-compliance with this registration can lead to administrative penalties and block the legal inflow of overseas financing and outflow of profits, posing significant barriers to overseas listings [3][4] 2. Who Needs to Register and When? - The primary subjects required to register under Document No. 37 are "domestic residents," including Chinese ID holders and certain special groups like ESOP employees and permanent residents with unregistered Chinese household status [4][5] - Key timing for registration includes initial setup of SPVs, before introducing foreign investment, and during significant capital changes [5][6] 3. How to Register? Process and Key Considerations - The registration application must be submitted through banks to local foreign exchange management authorities [7] - The registration process involves several steps, including establishing a domestic equity company, planning the overall structure, and completing initial registration before engaging in overseas financing [8] - Key considerations during bank review include commercial rationale, authenticity of materials, compliance of funding sources, and timeliness of registration [9][10][11] 4. Beyond Compliance: Investment Structures and Funding Pathways in Southeast Asia - For Chinese entrepreneurs investing in Southeast Asia, Document No. 37 registration is not just a compliance task but a strategic starting point for top-level structure design and tax optimization [13] - Common investment structures include a basic structure with a direct SPV to Southeast Asian entities, an advanced structure with financing platforms, and simplified structures for specific cases [14][15][20] 5. Compliance Pathways for Cross-Border Fund Flows - For outbound investments, individuals have a $50,000 annual limit for personal expenditures, while larger investments require Document No. 37 registration [22][23] - For inbound fund flows, profits from Southeast Asian entities can be distributed as dividends to the SPV, subject to a 20% personal income tax upon repatriation [24][25] - Capital gains from selling SPV shares also require tax considerations, including potential capital gains taxes in the investment country and the jurisdiction of the SPV [26]

来源：天津自贸区东疆综保区 投资界消息，近日，由新豪国际集团有限公司、广东顺德科创管理集团有限公司、广东顺德高新创业投 资管理有限公司发起设立的合格境外有限合伙人（QFLP）基金在东疆落地并投放，该项目为东疆综合 保税区首单QFLP基金。 该基金的快速落地，充分体现了东疆在跨境投融资领域的政策优势和服务效能，进一步丰富了东疆的金 融业态，提升了东疆金融服务能力。依托天津自贸区自由贸易账户（FT账户）体系，境外投资人可通 过在东疆设立的境外机构自由贸易账户（FTN账户）实现跨境人民币便捷进境，享受海外结汇汇率及多 样化汇率管理服务。 ...