Group 1 - The State Administration of Foreign Exchange (SAFE) issued a notice on September 15 to deepen the reform of cross-border investment and financing foreign exchange management, introducing nine reform measures aimed at enhancing the convenience of cross-border investment and financing [1][2] - The notice allows foreign direct investment (FDI) enterprises to reinvest their foreign exchange profits generated in China without prior registration, streamlining the process for foreign investors [1][2] - The notice expands the pilot policy of allowing non-enterprise research institutions to receive foreign funds nationwide, facilitating foreign investment in research and development [2] Group 2 - The notice increases the cross-border financing convenience limit for high-tech, specialized, and innovative small and medium-sized enterprises to the equivalent of $10 million, with some selected enterprises receiving an increased limit of $20 million [2] - The notice simplifies the registration management for cross-border financing, eliminating the requirement for audited financial reports for participating enterprises [2] - 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-use residential properties [2][3] Group 3 - The notice 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 [3] - The notice aims to optimize the foreign exchange management measures in response to changes in the domestic real estate market, supporting stable development in the sector [3] - The notice allows banks to determine the frequency and proportion of random checks for compliance in capital project foreign exchange income payment facilitation, enhancing the experience for enterprises [3]

Core Viewpoint - The State Administration of Foreign Exchange (SAFE) has announced reforms to enhance cross-border investment and financing foreign exchange management, aiming to support high-quality development of the real economy [1][5]. Group 1: Cross-Border Investment Reforms - The reforms include the cancellation of basic information registration for pre-investment expenses and domestic reinvestment registration for foreign direct investment (FDI) [5]. - FDI profits can now be reinvested domestically, and non-enterprise research institutions are allowed to attract and utilize foreign capital more easily [5]. Group 2: Cross-Border Financing Reforms - The financing facilitation limit for high-tech and "specialized, refined, and new" small and medium-sized enterprises has been increased to the equivalent of $10 million, with some selected enterprises receiving a limit of $20 million [5]. - The signing and registration management requirements for enterprises participating in cross-border financing have been simplified, eliminating the need for audited financial reports from the previous year [5]. Group 3: Capital Project Income Payment Reforms - The negative list for capital project foreign exchange income and its RMB settlement for domestic use has been reduced, removing restrictions on purchasing non-self-use residential properties [6][8]. - Banks can now determine the frequency and ratio of random checks for compliance based on customer risk levels, enhancing the experience for enterprises [6]. - The policy allowing overseas individuals to settle payments for property purchases in China has been expanded nationwide, following a successful pilot in the Guangdong-Hong Kong-Macao Greater Bay Area [9].

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][2]. 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 [3]. - FDI enterprises can reinvest their foreign exchange profits generated in China without needing to register for domestic reinvestment [3]. - The policy for non-enterprise research institutions to receive foreign funds has been expanded nationwide, facilitating foreign investment in these institutions [3]. 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, with some selected enterprises receiving up to $20 million [4]. - Simplification of cross-border financing registration management is introduced, eliminating the requirement for audited financial reports for companies participating in cross-border financing [4]. Group 3: Payment Convenience - The negative list for capital project foreign exchange income and its RMB conversion for domestic use has been reduced, removing restrictions on purchasing non-self-use residential properties [5][6]. - The notice promotes a "pay first, supplement later" approach for foreign individuals purchasing property in China, allowing them to convert foreign exchange for payment before obtaining the necessary property registration documents [6]. - Banks are allowed to determine the frequency and proportion of random checks for capital project foreign exchange payment businesses based on customer compliance and risk levels, enhancing the experience for enterprises [6].

Core Viewpoint - The National Foreign Exchange Administration 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 economic development [1]. Group 1: Reforms in Foreign Direct Investment (FDI) - The notice cancels the registration requirement for domestic reinvestment by foreign-invested enterprises, allowing direct fund transfers to relevant accounts [3]. - It permits the reinvestment of foreign exchange profits generated by FDI enterprises within the country [3]. - The notice eliminates the basic information registration for pre-investment expenses of FDI, allowing foreign investors to directly open accounts and remit funds [2]. Group 2: Cross-Border Financing Facilitation - The cross-border financing facilitation limit for high-tech, "specialized and innovative," and technology-based small and medium-sized enterprises is raised to the equivalent of 10 million USD [4]. - For selected enterprises under the "innovation points system," the cross-border financing limit can be further increased to 20 million USD [4]. - The registration management for enterprises participating in cross-border financing is simplified, removing the requirement for audited financial reports from the previous year [4]. Group 3: Capital Project Income Payment Optimization - The negative list for the use of capital project foreign exchange income is reduced, removing restrictions on purchasing non-self-use residential properties [5]. - Banks are allowed to determine the proportion and frequency of random checks for facilitation services based on customer compliance and risk levels [5]. - The notice facilitates foreign individuals' foreign exchange settlement for purchasing properties in China, allowing them to proceed with payments before obtaining the necessary real estate registration documents [5][6]. Group 4: Support for Real Estate Market Stability - The adjustments in foreign exchange management measures are aimed at supporting the stable development of the real estate market, responding to changes in the domestic real estate landscape [6]. - The notice promotes the "first settle, then supplement" policy for foreign individuals purchasing properties, which has received positive feedback [7][8].

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" initiative, 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, removing 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, lifting restrictions on purchasing non-self-use 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 enhances the experience of enterprises in foreign exchange payment facilitation by allowing banks to determine the frequency and proportion of random checks based on clients' compliance and risk levels [5]

Core Points - The State Administration of Foreign Exchange (SAFE) has issued a notice to deepen the reform of foreign exchange management for cross-border investment and financing [1][2] - The reforms aim to facilitate foreign investment and financing, enhance the ease of doing business, and support high-quality economic development [1][2] Group 1: Cross-Border Investment Management Reforms - The notice cancels the basic information registration for foreign direct investment (FDI) pre-expenses [1] - It eliminates the registration requirement for domestic reinvestment by foreign-invested enterprises, expanding a pilot policy to nationwide [1] - Foreign exchange profits from foreign direct investment are now allowed for reinvestment within the country [1] - The policy for non-enterprise research institutions to receive foreign funds will be expanded nationwide [1] Group 2: Cross-Border Financing Management Reforms - The notice increases 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 USD [1] - For selected enterprises under the "innovation point system," the cross-border financing facilitation limit can be further raised to 20 million USD [1] - The registration management process for cross-border financing will be simplified, removing the requirement for audited financial reports for participating enterprises [1] Group 3: Capital Project Income Payment Facilitation - The negative list for capital project income usage has been reduced, removing restrictions on purchasing non-self-use residential properties [2] - Banks are allowed to determine the frequency and proportion of random checks for facilitation services based on customer compliance and risk levels [2] - Foreign individuals can now process foreign exchange payments for real estate purchases before obtaining the necessary registration documents, streamlining the process [2]

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]

为扩大高水平开放，服务经济高质量发展，国家外汇管理局（下称外汇局）9月15日发布《关于深化跨境投融资外汇管理改革有关事宜的通知》（下称 《通知》），自发布之日起实施。 《通知》分别从投资端、融资端和支付便利三个方面提出9条改革措施。国家外汇管理局副局长、新闻发言人李斌指出，《通知》将提升跨境投融资便利化水平， 助力吸引和利用外资，促进金融服务实体经济高质量发展。 允许FDI项下外汇利润境内再投资 在深化跨境投资外汇管理改革方面，《通知》提出将取消外商直接投资（FDI）前期费用基本信息登记。这意味着境外投资者在境内设立FDI企业前需要汇入前期费 用的，可直接开立相关账户并汇入资金。 此前，部分省市试点FDI企业境内再投资免登记政策并运行良好。本次《通知》将试点扩大至全国，明确取消FDI企业境内再投资登记。此后，FDI企业以外汇资本 金及其结汇所得人民币资金开展境内再投资时，被投资企业或股权出让方无需办理接收境内再投资登记。 《通知》允许FDI项下外汇利润境内再投资，即FDI企业境内合法产生的外汇形式利润、境外投资者合法取得的外汇利润，可以在境内进行再投资。 为便利非企业科研机构吸引利用外资，《通知》将部分省市试 ...

智通财经APP获悉，9月15日，国家外汇管理局副局长、新闻发言人李斌就《国家外汇管理局关于深化 跨境投融资外汇管理改革有关事宜的通知》答记者问时表示，近年来，国内房地产市场形势已发生变 化，房地产行业相关宏观调控措施已优化调整。基于此，相关外汇管理措施有必要加以优化调整，以适 应新形势新要求，助力房地产市场稳健发展。 李斌提到，现行资本项目外汇收入及其结汇所得人民币在境内支付使用的负面清单中，包括不得用于购 买非自用的住宅性质房产。该项政策是在房地产市场过热背景下，各部门先后出台一系列针对房地产企 业和行业的调控政策。国家外汇管理局从防范"热钱"投机炒作角度，配合出台了"非房地产企业的资本 金、外债等资金不得用于建设、购买非自用房地产"的措施，为房地产市场阶段性平稳健康发展发挥了 积极作用。 原文如下： 四是便利非企业科研机构吸引利用外资。明确境内非企业科研机构接收境外资金，参照FDI企业办理相 关登记和汇兑手续。此为前期在部分省市实施的"科汇通"试点，现推广至全国。 问：《通知》在深化跨境融资外汇管理改革方面有哪些具体举措? 国家外汇管理局副局长、新闻发言人李斌就《国家外汇管理局关于深化跨境投融资外汇管理改 ...

Core Viewpoint - The State Administration of Foreign Exchange (SAFE) has announced reforms to enhance the convenience of cross-border investment and financing, aiming to support high-level opening-up and high-quality economic development [2][4]. Group 1: Reforms in Cross-Border Investment Management - The requirement for basic information registration of preliminary expenses for domestic direct investment has been canceled, allowing foreign investors to directly open accounts and remit funds without prior registration [2]. - The registration requirement for reinvestment by foreign-invested enterprises in China has been eliminated, enabling direct transfer of reinvestment funds to relevant accounts [2]. - Foreign exchange profits generated by foreign-invested enterprises in China can now be reinvested domestically without additional registration [2][3]. Group 2: Reforms in Cross-Border Financing Management - Eligible high-tech, "specialized and innovative," and technology-based small and medium-sized enterprises can borrow foreign debts up to the equivalent of 10 million USD, with selected enterprises allowed to borrow up to 20 million USD [4]. - 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 [4]. Group 3: Optimization of Capital Project Income Payment Policies - The negative list for the use of capital project income has been reduced, with non-financial enterprises required to adhere to the principles of authenticity and self-use [6]. - Banks can independently determine the frequency and proportion of random checks for capital project foreign exchange income payment facilitation based on clients' compliance and risk levels [6]. - Foreign individuals can now process foreign exchange settlement for real estate purchases in China before obtaining the necessary purchase registration documents, provided they meet local purchasing qualifications [6][7].