9月30日，国家外汇局发布了《2025年上半年中国国际收支报告》（以下简称《报告》）。《报告》显 示，2025年上半年，我国经常账户顺差2941亿美元，继续处于合理均衡区间。货物贸易保持韧性，国际 收支口径的货物进出口总额同比增长2%。服务贸易更加活跃，服务进出口总额同比增长6%，服务贸易 逆差同比收窄13%。 《报告》指出，展望下一阶段，外部环境依然复杂，全球经济存在下行压力，产业链供应链格局面临重 构，地缘政治冲突和国际金融市场波动风险较大。我国加快构建新发展格局，加力培育新质生产力，持 续提升宏观政策效能，稳步推进高水平对外开放，将继续为国际收支平稳运行提供坚实支撑。预计经常 账户继续保持合理均衡水平，跨境双向投融资有望稳中向好。 《报告》显示，投资收益向好，我国对外投资收益、外资在华投资收益同比分别增长13%和7%。非储 备性质金融账户逆差与经常账户顺差形成自主平衡格局。上半年，境内主体各类对外投资有序、活跃； 我国吸收各类来华投资向好，股权性质的来华直接投资保持增长，外资净增持境内股票，外资投资境内 债券总体稳定。2025年6月末，我国对外金融资产和负债分别超过11万亿美元和7.2万亿美元，对外净资 ...

Group 1 - The Chinese financial sector has achieved significant accomplishments during the "14th Five-Year Plan" period, with comprehensive reforms and improvements in the financial governance system [1][2] - The People's Bank of China aims to ensure ample liquidity and support economic recovery by utilizing various monetary policy tools, while maintaining the stability of the RMB exchange rate [1][2] - The National Financial Regulatory Administration emphasizes the importance of risk prevention and resolution, successfully reducing the number of high-risk institutions and assets [2] Group 2 - The China Securities Regulatory Commission has focused on enhancing market stability and investor confidence, leading to a steady growth in both the quantity and quality of the capital market [2] - The foreign exchange sector has effectively balanced development and security, maintaining foreign exchange reserves above $3 trillion and improving services to the real economy [3] - Looking ahead to the "15th Five-Year Plan," the foreign exchange management system will be further enhanced to support China's modernization efforts [3]

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, aiming to enhance the convenience of cross-border investment and financing, attract foreign investment, and promote high-quality economic development [1][2]. Group 1: Cross-Border Investment Management Reform - The notification cancels the basic information registration for pre-investment expenses of foreign direct investment (FDI) [1]. - It eliminates the registration requirement for domestic reinvestment by foreign-invested enterprises, expanding the pilot policy to nationwide [1]. - Foreign exchange profits from foreign direct investment are now allowed to be reinvested domestically [1]. - The "Science and Technology Exchange" policy for non-enterprise research institutions receiving foreign funds will be expanded nationwide, facilitating foreign investment attraction [1]. Group 2: Cross-Border Financing Management Reform - The notification 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 [2]. - For selected eligible enterprises under the "innovation points system," the cross-border financing limit is raised to the equivalent of $20 million [2]. - The signing and registration management requirements for enterprises participating in cross-border financing have been simplified, removing the need for audited financial reports from the previous year [2][3]. Group 3: Capital Project Income Payment Policy Optimization - The policy reduces the negative list for the use of foreign exchange income and its converted RMB for domestic payments, particularly lifting restrictions on purchasing non-self-use residential properties [3]. - This change indicates a relaxation of restrictions on foreign investment in the domestic real estate market, providing more convenience for foreign capital to enter [3].

在跨境投资外汇管理方面，《通知》取消了外商直接投资前期费用基本信息登记，同时取消外商投资企业境内再投资登记，并将此前在部分省市试点的外商 投资企业境内再投资免登记政策推广至全国范围。此外，允许外商直接投资项下外汇利润在境内进行再投资，并将此前仅在部分省市试点的"科汇通"政策 ——即境内非企业科研机构接收境外资金的政策——扩大至全国，进一步便利非企业科研机构吸引和利用外资。 【环球网财经综合报道】国家外汇管理局网站9月15日消息，为进一步支持实体经济发展，国家外汇管理局日前发布《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》），从跨境投资、跨境融资、资本项目收入支付等多个方面推出一系列改革举措，持续优化外汇管理服 务，助力经营主体合规开展跨境投融资活动。 跨境融资外汇管理改革方面，《通知》进一步扩大跨境融资便利化范围，统一将高新技术、"专精特新"和科技型中小企业的跨境融资便利化额度提高至等值 1000万美元，并对部分依托"创新积分制"遴选的符合条件的企业，将便利化额度进一步提升至等值2000万美元。同时，简化相关登记管理要求，对于参与跨 境融资便利化业务的企业，在签约登记环节不 ...

Core Viewpoint - The State Administration of Foreign Exchange (SAFE) has issued a notice to deepen reforms in cross-border investment and financing foreign exchange management, aiming to enhance the facilitation of cross-border investment and attract foreign capital to support high-quality economic development [1] Group 1: Reforms in Foreign Direct Investment (FDI) Management - The notice cancels the basic information registration for pre-investment expenses, allowing foreign investors to directly open accounts and remit funds for project evaluation and due diligence [2] - It eliminates the registration requirement for domestic reinvestment by FDI enterprises, enabling direct fund transfers for reinvestment without additional registration [2] - FDI profits generated domestically can now be reinvested within the country, and non-enterprise research institutions can receive foreign funds similarly to FDI enterprises [2] Group 2: Cross-Border Financing Management Reforms - The notice increases the cross-border financing facilitation limit for high-tech and specialized small and medium-sized enterprises to the equivalent of 10 million USD, with some selected enterprises receiving a limit of 20 million USD [3] - It simplifies the signing and registration requirements for enterprises participating in cross-border financing, removing the need for audited financial reports from the previous year [3] Group 3: Capital Project Income Payment Facilitation - The negative list for capital project foreign exchange income and its RMB payment usage has been reduced, allowing funds to be used for purchasing non-self-occupied residential properties [4][6] - The notice promotes a "first exchange, then supplement" policy for foreign individuals purchasing property in mainland cities, allowing them to process foreign exchange payments before obtaining property registration documents [5] - This policy aims to meet the reasonable housing needs of foreign individuals working and living in China, facilitating regional integration and talent mobility [5]

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].

Group 1 - The core viewpoint of the news is the announcement by the State Administration of Foreign Exchange (SAFE) regarding the deepening of cross-border investment and financing foreign exchange management reforms [1][2] Group 2 - The reforms include the cancellation of preliminary information registration for foreign direct investment and the expansion of the exemption policy for domestic reinvestment registration of foreign-invested enterprises nationwide [1] - The foreign exchange profits from foreign direct investment will now be allowed for reinvestment within the country [1] - The policy for non-enterprise research institutions to receive foreign funds will be expanded nationwide, facilitating the attraction of foreign investment [1] Group 3 - The reforms also aim to enhance cross-border financing by increasing the facilitation quota 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 quota will be further raised to the equivalent of 20 million USD [1] - Simplification of registration management for enterprises participating in cross-border financing facilitation will be implemented, removing the requirement for audited financial reports from the previous year or the most recent period during the signing and registration phase [1] Group 4 - The capital project income payment facilitation policy will be optimized by reducing the negative list for capital project income usage and removing restrictions on purchasing non-self-use residential properties [2] - Banks will be 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 handle foreign exchange settlement for real estate purchases before obtaining the necessary registration documents, provided they meet local purchasing qualifications [2] Group 5 - The SAFE will continue to promote reforms and opening up in the foreign exchange sector to support legal and compliant cross-border investment and financing activities, thereby better serving the high-quality development of the real economy [2]

Core Points - 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 facilitate cross-border investment and financing, expand high-level openness, and support high-quality economic development [1][2] Group 1: Cross-Border Investment 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 the pilot policy to nationwide implementation [1] - Foreign exchange profits from foreign direct investment are now allowed for reinvestment within the country [1] - The policy allowing non-enterprise research institutions to receive foreign funds will be expanded nationwide [1] Group 2: Cross-Border Financing Reforms - The facilitation limit for cross-border financing for high-tech, "specialized and innovative," and technology-based small and medium-sized enterprises has been unified to the equivalent of $10 million [2] - For selected enterprises under the "innovation points system," the cross-border financing facilitation limit can be further increased to the equivalent of $20 million [2] - The registration management process for cross-border financing has been simplified, removing the requirement for audited financial reports from the previous year [2] Group 3: Capital Project Income Payment Optimization - The negative list for capital project income usage has been reduced, removing restrictions on purchasing non-self-used residential properties [2][3] - Banks are allowed to determine the frequency and proportion of post-event random checks for facilitation services based on clients' compliance and risk levels [2] - Foreign individuals can now process foreign exchange settlement for real estate purchases before obtaining the purchase registration certificate, provided they meet local purchasing qualifications [2][4] Group 4: Real Estate Market Context - The adjustments in foreign exchange management measures are in response to changes in the domestic real estate market and aim to support stable development [3] - The new policy facilitates foreign individuals' reasonable housing needs in the country, promoting regional integration and talent mobility [4]

(上接1版) 针对深化跨境融资外汇管理改革的具体举措，李斌说：一方面，扩大科创类企业跨境融资便利，将全国 范围内高新技术、"专精特新"和科技型中小企业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"遴选的符合条件企业的跨境融资便利化额度提高至等值2000万美元。另一方面，简 化参与跨境融资便利化业务的企业签约登记管理要求，不再要求相关企业在签约登记环节提供上一年度 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 李斌称，优化资本项目收入支付，将带来三大便利。 首先，缩减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，取消不得用于购买非自 用住宅性质房产的限制。 记者了解到，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之一。国家外汇局从防范"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。 "近年来，国内房地产市 ...

Core Viewpoint - The State Administration of Foreign Exchange (SAFE) has issued a notice to deepen reforms in 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 financial services for the real economy [1] Group 1: Foreign Direct Investment (FDI) Management Reform - The notice cancels the basic information registration for pre-investment expenses under FDI, allowing foreign investors to directly open accounts and remit funds [2] - FDI enterprises are no longer required to register for domestic reinvestment, enabling direct fund transfers for reinvestment using foreign capital and RMB funds [2] - Foreign exchange profits generated by FDI enterprises in China can now be reinvested domestically [2] - Non-enterprise research institutions can attract foreign investment by following the same registration and exchange procedures as FDI enterprises [2] Group 2: Cross-Border Financing Management Reform - The notice increases the cross-border financing convenience limit for high-tech and specialized small and medium-sized enterprises to USD 1 million, with some selected enterprises eligible for up to USD 2 million [3] - The signing and registration requirements for enterprises participating in cross-border financing have been simplified, removing the need for audited financial reports from the previous year [3] Group 3: Capital Project Income Payment Optimization - The negative list for the use of capital project foreign exchange income has been reduced, removing restrictions on purchasing non-self-use residential properties [4] - Banks can now determine the frequency and proportion of random checks for capital project foreign exchange income payments based on customer compliance and risk levels [4] Group 4: Foreign Individual Property Purchase Payment Facilitation - The notice extends the pilot program allowing Hong Kong and Macau residents to make property purchase payments in foreign exchange to the entire country, enabling foreign individuals to exchange funds before obtaining property registration documents [5]