第四次科技与工业革命

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【首席观察】“汇发43号文”与十岁的CIPS :畅通跨境资金流动“动脉”
经济观察报· 2025-09-18 12:26
Core Viewpoint - The recent notice from the State Administration of Foreign Exchange (SAFE) represents a significant reform in cross-border capital flow management, enhancing the structure for cross-border payments and the use of the renminbi, thereby supporting the internationalization of the renminbi during the 14th Five-Year Plan period [1][4][10]. Group 1: Policy Changes - The notice aims to improve the convenience of cross-border investment and financing, attract foreign investment, and promote high-quality financial services for the real economy [3][10]. - Key reforms include the cancellation of prior registration requirements for foreign direct investment (FDI) expenses and the facilitation of reinvestment of foreign exchange profits within China [3][4]. - The notice also simplifies the management of cross-border financing for high-tech and specialized small and medium-sized enterprises, raising the financing limit to the equivalent of $10 million, with some enterprises eligible for up to $20 million [4][10]. Group 2: Capital Project Adjustments - Adjustments in capital project income payments include reducing the negative list and removing restrictions on purchasing non-self-use residential properties [4][10]. - The notice allows for a more flexible approach to payment facilitation, enabling banks to set their own post-check ratios and frequencies [4][10]. - Foreign individuals can now settle payments for property purchases in China with just a purchase contract, streamlining the process [4][10]. Group 3: Cross-Border Payment System Development - The notice aligns with the 10th anniversary of the Cross-Border Interbank Payment System (CIPS), which has expanded significantly, processing transactions worth 175 trillion yuan annually with a compound annual growth rate of 43% over the past decade [7][8]. - CIPS now covers 189 countries and regions, processing 4.03 million transactions worth 9.02 trillion yuan in the first half of the year, highlighting its role in supporting the internationalization of the renminbi [8][9]. - The development of a diversified cross-border payment system is emphasized, with increasing use of local currencies and new payment infrastructures emerging [6][11]. Group 4: Strategic Implications - The notice is seen as a pivotal moment in China's financial strategy, aiming to balance development and security while enhancing cross-border investment and financing [10][11]. - Analysts suggest that the reforms may create a rare window for investors to benefit from duration premiums and institutional arbitrage, although caution is advised as these opportunities may diminish once the reforms are fully implemented [11].