Core Viewpoint - The State Administration of Foreign Exchange (SAFE) has issued a notification to deepen the reform of cross-border investment and financing foreign exchange management, introducing nine measures aimed at enhancing the convenience of cross-border investment and financing, attracting foreign investment, and promoting high-quality development of the real economy [1][2]. Group 1: Cross-Border Investment - The notification cancels the basic information registration for preliminary expenses of Foreign Direct Investment (FDI), allowing foreign investors to directly open accounts and remit funds without prior registration [1]. - The policy of exempting registration for domestic reinvestment by FDI enterprises, previously piloted in certain provinces, is now expanded nationwide, facilitating reinvestment without the need for registration [2]. Group 2: Cross-Border Financing - The notification 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]. - Simplification of cross-border financing registration management is introduced, eliminating the requirement for audited financial reports during the signing and registration process for participating enterprises [2]. Group 3: Payment Convenience - The negative list for the use of foreign exchange income and its converted RMB for domestic payments is reduced, removing restrictions on purchasing non-self-use residential properties [2]. - The notification promotes a "pay first, supplement later" approach for foreign individuals purchasing property in China, allowing them to exchange foreign currency for property payments before obtaining the necessary purchase registration documents [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].

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。 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》将部分省市试点的境内非企业科研机构接收境外 ...

为深入贯彻党的二十届三中全会精神，落实党中央、国务院决策部署，扩大高水平开放，服务经济高质 量发展，日前，国家外汇管理局发布《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》(以下简称《通知》)。 国家外汇管理局副局长、新闻发言人李斌表示，近年来，国家外汇管理局按照系统集成、稳妥有序的思 路持续深化改革、扩大开放，在充分调研了解银行、企业、个人有关外商直接投资(FDI)、跨境融资、 资本项目收入支付等外汇业务意见建议的基础上制定《通知》，不断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。 要 点 速 将在部分省市试点的境内非企业科研机构接收境外资金("科汇通")政策扩大至全国，便利非企业科研机 构吸引利用外资 扩大跨境融资便利，将高新技术、"专精特新"和科技型中小企业的跨境融资便利化额度统一提高至等值 1000万美元 将部分依托"创新积分制"遴选的符合条件的企业的跨境融资便利化额度进一步提升至等值2000万美元 简化相关登记管理，对于参与跨境融资便利化业务的企业在签约登记环节不再要求免于提供上一年度或 最近一期经审计的财务报告 缩减资本项目收入使用负面清单，取消 ...

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 ...

《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》将部分省市试点的境内非企业科研机构接收境外资金 （"科汇通"）政策扩大至全国，便利非企业科研机构吸引利用外资。 统一提高跨境融资便利化额度 在深化跨境融资外汇管理改革方面，《通知》将扩大跨境融资便利，将高新技术、"专精特新"和科技型 中小企业的跨境融资便利化额度统一提高至等值1000万美元，将部分依托"创新积分制"遴选的符合条件 的企业的跨境融资便利化额度进一步提升至等值2000万美元。 近年来，外汇局积极探索解决中小微高新技术企业和专精特新企业融资抵押物不足、融资贵等问题，在 部分地区开展跨境融资便利化试点。《通知》的落地意味着全国范围内高新技术、"专精特新"和科技型 中小企业都将享受跨境融资便利化政策利好。 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 ...

9月15日，国家外汇管理局发布深化跨境投融资外汇管理改革有关事宜的通知。其中提出，取消境内 直接投资前期费用基本信息登记；取消外商投资企业境内再投资登记；允许外商直接投资项下外汇利 润境内再投资；便利境内非企业科研机构接收境外资金。 全文如下： 为深入贯彻党的二十届三中全会精神，落实党中央、国务院决策部署，扩大高水平开放，服务 经济 高质量发展， 国家外汇管理局决定深化跨境投融资外汇管理改革，进一步提升跨境投融资便利。现 将有关事项通知如下： 一、深化跨境投资外汇管理改革 （一）取消境内直接投资前期费用基本信息登记。 境外投资者在境内设立外商投资企业前需要汇入 前期费用的，可以直接在银行开立前期费用账户并汇入前期费用资金，无需在开户前办理前期费用基 本信息登记 。 （二）取消外商投资企业境内再投资登记。 在不违反外商投资准入特别管理措施且境内所投项目真 实、合规前提下，外商投资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，被投资企业 或股权出让方无需办理接收境内再投资基本信息登记及变更登记，境内再投资资金可以直接划至相关 账户。 （六）简化跨境融资便利化业务登记管理要求。 参与跨境融资便利化业务的企业 ...

Core Insights - The 2025 China International Service Trade Fair is being held in Beijing, focusing on financial services under the theme "Digital Intelligence Drives Open Win-Win" [1] - The Beijing branch of the People's Bank of China and the State Administration of Foreign Exchange are actively promoting foreign exchange management reforms and facilitating cross-border trade and investment [1] Cross-Border Trade Facilitation - The level of cross-border trade facilitation in Beijing has improved, with 30 pilot banks handling over 150,000 transactions worth more than $170 billion by the end of June [2] - Seven payment institutions and commercial banks have supported nearly 400,000 cross-border e-commerce enterprises this year, enhancing efficient and low-cost fund settlement [2] - A total of 79 pilot enterprises have signed agreements for cross-border financing, with a cumulative amount exceeding $4.8 billion [2] Growth in Cross-Border Transactions - The total amount of cross-border transactions in Beijing has rapidly increased, with a cumulative growth of 202.9% from 2019 to 2024, significantly outpacing the national growth rate [4] - In 2024, the region's foreign-related payment and receipt scale is expected to reach $2.4 trillion, accounting for 16.9% of the national total, with an annual growth rate of 13.8% [4] - The use of cross-border RMB has accelerated, with a year-on-year increase of 12.4% in the first half of 2025, reaching 6.2 trillion RMB [4] Currency Risk Management - Companies in Beijing have improved their ability to manage currency fluctuations, but challenges remain, particularly in understanding foreign exchange derivative products [5][6] - The Beijing branch of the State Administration of Foreign Exchange has established a "one platform, three pillars" mechanism to enhance corporate currency risk management capabilities [6] - The total signed amount of foreign exchange derivatives in Beijing increased by 28.1% year-on-year in the first half of the year, with a hedging ratio of 20.3%, up by 5 percentage points [6]

Core Viewpoint - The State Administration of Foreign Exchange (SAFE) Shanghai Branch has initiated a pilot policy for shared foreign debt quotas among financing leasing parent and subsidiary companies, enhancing cross-border financing convenience and supporting regional economic and industrial development [1] Group 1: Policy Implementation - The shared foreign debt quota policy has enabled a domestic leasing company to successfully restructure a leasing project for an airline, integrating high-level capital project openness with the transformation needs of the aviation industry [1] - Traditionally, subsidiary companies in financing leasing face limitations due to insufficient foreign debt quotas, complicating debt subject changes during leasing structure reorganization [1] Group 2: Impact on Financing - The policy allows the leasing company's special purpose vehicle (SPV) in the Lingang New Area to undertake cross-border aircraft leasing foreign debt and lease it domestically to the airline, effectively completing the leasing structure reorganization [1] - The shared foreign debt quota policy addresses financing bottlenecks in the capital-intensive aviation industry, facilitating efficient utilization of both international and domestic markets and resources, thereby reducing financing costs for enterprises [1] Group 3: Market Growth - The cross-border financing leasing business in Shanghai has seen significant growth, with the number of foreign exchange registrations and the amount completed in the first seven months of this year increasing by 27.3% and 16.1% year-on-year, respectively [1]

Group 1 - The core viewpoint is that China's external debt has shown a slight increase in the first quarter of 2025, with a total external debt balance of $24,514 billion, reflecting a growth of $316 billion or 1.3% compared to the end of 2024 [1] - The currency structure of external debt has improved, with domestic currency debt accounting for 52%, an increase of 2.0 percentage points from the end of 2024 [1] - The maturity structure remains stable, with medium to long-term external debt accounting for 42%, a decrease of 1.7 percentage points from the end of 2024 [1] Group 2 - Multiple factors are contributing to the stabilization and recovery of external debt, including complex changes in the international situation and a positive trend in domestic economic performance [1] - The attractiveness of RMB-denominated bonds has increased, leading to a rise in foreign investment in these assets [1] - It is anticipated that China's external debt scale will remain stable, supported by steady economic growth, resilience in the domestic financial market, and ongoing efforts to enhance cross-border financing [2]