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 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 document outlines measures to enhance the role of financial technology in promoting innovation in Zhejiang Province, with a focus on facilitating cross-border investment and financing [1] Group 1: Cross-Border Investment Facilitation - The proposal aims to increase the convenience of cross-border investment and financing [1] - It emphasizes the utilization of the Qualified Foreign Limited Partner (QFLP) pilot policy to guide foreign venture capital institutions in compliant cross-border investments [1] - By 2027, the scale of QFLP and Qualified Domestic Limited Partner (QDLP) pilot funds is expected to exceed 40 billion yuan [1] Group 2: Support for Research and Technology Enterprises - The initiative supports the "Kehuitong" pilot program, allowing foreign research funds to be directly transferred to foreign-funded non-enterprise research institutions [1] - It promotes the facilitation of cross-border financing for technology-based enterprises, particularly those classified as high-tech, "specialized and innovative," and technology-oriented small and medium-sized enterprises [1] - Eligible companies can independently borrow foreign debts within a limit of up to 10 million USD [1]