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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》（汇发〔2025〕43号，以下简称《通知》），国家外汇管理局副局长、新闻发言人李斌就《通知》相关内容回答了记者提问。 问：《通知》出台的背景是什么？ 答：为贯彻党的二十届三中全会精神，落实中央金融工作会议关于做好金融“五篇大文章”的决策部署，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。 问：《通知》在深化外商直接投资（FDI）外汇管理改革方面有哪些安排？ 答：一是取消外商直接投资（FDI）前期费用基本信息登记。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。 二是取消FDI企业境内再投资登记。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，被投资企业或股权出让方无需办理接收境内再投资登记，相关资金可直接划转至相关账户。此项政策前期已在部分省市试点，运行良好，现推广至全国实施。 三是允许FDI项下外汇利润境内再投资。明确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。 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？ 答：一是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”遴选的符合条件的企业的跨境融资便利化额度提高至等值2000万美元。 二是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。 问:《通知》在资本项目收入支付方面带来哪些便利？ 答：一是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。 二是优化资本项目外汇收入支付便利化业务。允许银行依据客户合规经营情况和风险等级等，自行决定事后随机抽查的比例和频率，提升企业便利化业务体验，助力优化外资来华投资兴业环境。 三是便利境外个人境内购房结汇支付。将在粤港澳大湾区试点实施的港澳居民购房结汇支付便利推广至全国。境外个人在满足房地产主管部门和各地购房资格条件下，可以在取得房地产主管部门的购房备案证明文件之前，凭购房合同或协议先行在银行办理购房所涉外汇资金结汇支付，后续再向银行补交购房备案证明文件。 问：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有何考虑？ 答：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。 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。 问：优化境外个人境内购房结汇支付政策有何考虑？ 答：《通知》出台前，境外个人境内购房办理资金结汇支付，需提供房地产主管部门出具的购房备案证明文件，而房地产企业或二手房出让方通常要求先收到首付款才办理网签。为解决业务实际办理中的困难问题，在深入调研基础上，国家外汇管理局针对港澳居民在粤港澳大湾区内地城市购房试点实施“先结后补”便利措施，即购房者在取得房地产主管部门的购房备案证明文件之前，可先凭购房合同或协议先行办理结汇支付，后续再补交备案证明文件。相关试点取得积极反响和效果。 为满足更多境外个人在境内工作、生活等合理购房需求，推动区域融合和人才流动，国家外汇管理局此次将粤港澳大湾区试点实施的结汇支付便利化政策推广至全国。需要强调的是，境外个人境内购房结汇支付便利仅是在银行办理资金结汇支付时的审核程序优化，并未改变现行境外个人境内购房政策。享受政策便利的前提是境外个人符合房地产主管部门和各地购房资格条件。 2025-09-17/ningbo/2025/0917/2419.html
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国家外汇管理局各省、自治区、直辖市、计划单列市分局，各全国性中资银行： 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。 （三）允许外商直接投资项下外汇利润境内再投资。外商投资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开展境内再投资，相关外汇资金可以划入被投资企业的资本金账户或股权出让方的资本项目结算账户，资金使用按照相关账户管理要求办理。 （四）便利境内非企业科研机构接收境外资金。境内非企业科研机构接收境外资金的，参照外商直接投资办理外汇登记及账户开立、资金汇兑等手续；非企业科研机构使用境外汇入外汇资金及其结汇所得人民币资金进行境内再投资的，参照外商直接投资境内再投资办理；非企业科研机构符合条件可参与资本项目收入支付便利化政策。 二、深化跨境融资外汇管理改革 （五）扩大跨境融资便利。全国范围内符合条件的高新技术、“专精特新”和科技型中小企业，可在不超过等值1000万美元额度内借用外债。其中，有关部门依托“创新积分制”遴选的符合条件的企业，可在不超过等值2000万美元额度内借用外债。 （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，在签约登记环节不再要求提供上一年度或最近一期经审计的财务报告。 三、优化资本项目收入支付便利化政策 （七）缩减资本项目收入使用负面清单。非金融企业资本金、外债项下外汇收入及其结汇所得人民币资金使用遵循真实、自用原则。不得直接或间接用于国家法律法规禁止的支出；除另有明确规定外，不得直接或间接用于证券投资或其他投资理财（风险评级结果不高于二级的理财产品及结构性存款除外）；不得用于向非关联企业发放贷款（经营范围明确许可的情形除外）。 （八）优化资本项目外汇收入支付便利化业务。银行在统筹便利化服务和风险防范前提下，可以依据客户合规经营情况和风险等级等自行决定便利化业务事后随机抽查的比例和频率。 （九）便利境外个人境内购房结汇支付。境外个人在满足房地产主管部门及各地购房资格条件下，可以在取得房地产主管部门的购房备案证明文件之前，凭购房合同或协议先行在银行办理购房所涉外汇资金结汇支付，后续再向银行补交购房备案证明文件。境内购房结汇支付便利不改变境外个人境内购房政策。 上述政策具体操作见附件《深化跨境投融资外汇管理便利化政策操作指引》（以下简称《指引》）。 银行应按照展业原则对上述跨境投融资及资本项目收入支付便利化业务加强事后监测，为真实合规的跨境投融资提供便捷高效的跨境资金结算服务，异常可疑情况及时报告。各省、自治区、直辖市、计划单列市分局应加强事中事后监管与核查检查，指导银行、企业合规开展业务。 企业和银行未按照本通知及《指引》办理的，外汇局可以依据《中华人民共和国外汇管理条例》进行处罚。 本通知自发布之日起实施。《国家外汇管理局关于支持高新技术和“专精特新”企业开展跨境融资便利化试点的通知》（汇发〔2022〕16号）同时废止。以前规定与本通知不符的，以本通知为准。各分局接到本通知后，应及时转发辖内地市分局、城市商业银行、农村商业银行、外资银行、农村合作银行。 特此通知。 附件：深化跨境投融资外汇管理便利化政策操作指引 国家外汇管理局 2025年9月12日 2025-09-17/ningbo/2025/0917/2414.html
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“感觉浙江宁波很贴心，我一出来就看到了！”来自中国台湾的洪女士在宁波栎社国际机场综合服务站前由衷赞叹。随后，来自布达佩斯的斯蒂芬将500欧元兑换成人民币，用护照办理了一张宁波移动“畅游卡”，他和伙伴的行李通过二维码下单“行李轻松游”服务，将在4小时内直接送至酒店......6月下旬，机场综合服务站试运行，首批接待的外籍客人纷纷点赞。作为外籍人士入甬的第一站，这里切实解决了他们支付、出行、通讯、交流等方面的难题。 聚焦集成性 升级服务能力 2025年以来，在已有的宁波栎社国际机场省级优质服务区的基础上，人民银行宁波市分行协同多个政府部门，共同打造了栎社机场入境游综合服务站。站点聚合了支付业务、通信业务、交通出行、行李运送、文旅问询、保险服务等六大便利服务模块。服务中心的营业时间覆盖国际航线，立足外籍人士入境首站的相关场景，精准破解显性痛点，前瞻满足隐性需求，服务功能实现了突破性升级。 突出便捷性 释放消费潜力 在机场离境退税服务点的基础上，人民银行宁波市分行全力协调金融机构，为“即买即退”商店提供外卡收单服务，助推宁波辖区落地实施离境退税“即买即退”服务。强化机场离境退税服务点与“即买即退”商户的联动，享受“即买即退”服务的外籍客人，后续在机场退税服务点简单确认后，即可便捷候机离境；也可在服务点进行现金退税，获得的人民币现金还能继续在候机厅消费。目前，配合税务、文旅等部门，已推出9家“即买即退”商店。与此同时，引导离境退税代理机构为退税商店提供充足小额零钱保障，创新推出“专用零钱包”服务模式，受到外籍客人的高度赞誉。 强化长效性 巩固提升支付服务环境 以栎社机场入境游综合服务站建成为契机，人民银行宁波市分行积极协调机场商户管理公司，持续巩固机场内航空售票、空港巴士、零售商店外卡受理功能100%全覆盖的建设成果。在宁波辖内探索建立三层级巡检机制，指导重点机构常态化做好机场商户、自助机具、外币兑换设施的精细化运维管理，确保POS终端及外币兑换自助机具状态正常、标识清晰、服务人员培训到位。指导入驻的货币兑换公司将人工兑换币种扩充至22种，并支持线上预约、线下取钞的便捷模式。目前，栎社机场外卡商户数已由示范区建成初期的38个增至59个，覆盖“食、行、游、购、娱”等高频消费场景，重点商户均支持受理银行卡、移动支付和现金等支付方式。 2025-09-02/ningbo/2025/0902/2410.html
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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》（汇发〔2025〕43号，以下简称《通知》）。《通知》主要内容： 一是深化跨境投资外汇管理改革。取消外商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，将在部分省市试点的外商投资企业境内再投资免登记政策扩大至全国。允许外商直接投资项下外汇利润境内再投资。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。 二是深化跨境融资外汇管理改革。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提供上一年度或最近一期经审计的财务报告。 三是优化资本项目收入支付便利化政策。缩减资本项目收入使用负面清单，取消不得用于购买非自用住宅性质房产限制。优化资本项目外汇收入支付，允许银行在统筹便利化服务和风险防范前提下，依据客户合规经营情况和风险等级等自行决定便利化业务事后随机抽查的比例和频率。允许境外个人在满足房地产主管部门及各地购房资格条件下，在取得房地产主管部门的购房备案证明文件之前，凭购房合同或协议先行在银行办理购房所涉外汇资金结汇支付，后续再向银行补交购房备案证明文件，便利境外个人境内购房结汇支付。境内购房结汇支付便利不改变境外个人境内购房政策。 下一步，国家外汇管理局将持续推进外汇领域改革开放，支持经营主体合法合规的跨境投融资活动，更好服务实体经济高质量发展。 2025-09-17/ningbo/2025/0917/2418.html
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9月11日，为进一步提升县域外汇服务水平，引导县域企业加强汇率风险管理，我分局主办了“汇率避险·阿拉同行”余姚专场宣传活动，余姚市商务局、余姚市金融服务中心协办，余姚市企业代表40余人参加。 活动中，分局国际收支处派员重点讲解了汇率风险管理的意义、重点、注意事项和政策。活动还邀请了招行总行专家专题分析外汇市场形势，介绍了银行汇率避险产品及管理策略。 本次活动作为外汇与跨境政策“走进县域”系列宣讲活动、“汇率避险 阿拉同行”专题活动之一，进一步强化了市县两级金融政策协同，提升了企业汇率避险意识和水平。 2025-09-22/ningbo/2025/0922/2420.html
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国家外汇管理局统计数据显示，截至2025年8月末，我国外汇储备规模为33222亿美元，较7月末上升299亿美元，升幅为0.91%。 2025年8月，受主要经济体货币政策预期、宏观经济数据等因素影响，美元指数下跌，全球金融资产价格总体上涨。汇率折算和资产价格变化等因素综合作用，当月外汇储备规模上升。我国经济运行稳中有进，展现出强大韧性和活力，为外汇储备规模保持基本稳定提供支撑。 2025-09-08/ningbo/2025/0908/2413.html
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2025年7月，我国国际收支货物和服务贸易进出口规模44022亿元，同比增长4%。其中，货物贸易出口22076亿元，进口15484亿元，顺差6593亿元；服务贸易出口2651亿元，进口3811亿元，逆差1160亿元。服务贸易主要项目为：运输服务进出口规模1805亿元，旅行服务进出口规模1793亿元，其他商业服务进出口规模1078亿元，电信、计算机和信息服务进出口规模715亿元。 按美元计值，2025年7月，我国国际收支货物和服务贸易出口3459亿美元，进口2699亿美元，顺差760亿美元。 2025-09-02/ningbo/2025/0902/2409.html
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一图读懂｜浙江实施县域跨境金融服务三年行动 2025-09-02/ningbo/2025/0902/2412.html
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The branches and foreign exchange administrative departments of the State Administration of Foreign Exchange (SAFE) in all provinces, autonomous regions and municipalities directly under the Central Government; the SAFE branches in Shenzhen, Dalian, Qingdao, Xiamen, and Ningbo: For the purpose of carrying out the go-global strategy of development, promoting the healthy development of overseas direct investment of domestic institutions, implementing the balanced management of cross-border capital flows, and safeguarding the basic equilibrium in the balance of payments of China, the SAFE has formulated the Regulations on Foreign Exchange Administration of the Overseas Direct Investment of Domestic Institutions (hereinafter referred to as the Regulations) in line with the Regulations of the Peoples Republic of China on Foreign Exchange Administration and other relevant regulations. The Regulations are herein promulgated and shall take effect as of August 1, 2009. Please comply with the Regulations in handling the relevant businesses. On receiving this Circular, all SAFE branches and foreign exchange administrative departments shall transmit this Circular in a timely manner to all sub-branches, urban commercial banks, rural commercial banks, and foreign-funded banks under their administration. All Chinese-funded designated foreign exchange banks shall transmit this Circular in a timely manner to the branches under their administration. July 13, 2009 Regulations on Foreign Exchange Administration of the Overseas Direct Investment of Domestic Institutions Chapter ` General Provisions Article 1 In order to promote and facilitate the overseas direct investment activities of domestic institutions, standardize the foreign exchange administration of overseas direct investment, and promote a basic equilibrium in the balance of payments of China, these Regulations are hereby formulated in line with the Regulations of the Peoples Republic of China on Foreign Exchange Administration and other relevant regulations. Article 2 Overseas direct investment as stated in these Regulations refers to acts by domestic institutions wherein the domestic institutions establish or acquire rights or interests outside the territory of China, such as ownership, rights of control or business management rights of existing enterprises or projects by means of establishment (sole proprietorships, joint ventures, cooperative business operations), mergers and acquisitions, equity participation, and so forth after undergoing examination and receiving approval from the overseas direct investment authorities. Article 3 The State Administration of Foreign Exchange and its branches (hereinafter referred to as the Foreign Exchange Administrations) are responsible for implementing supervision and management over the foreign exchange receipts and payments and the foreign exchange registration arising from the overseas direct investment of domestic institutions. Article 4 Domestic institutions can make overseas direct investments with self-owned foreign exchange funds, domestic foreign exchange loans in conformity with the regulations, and foreign exchange purchased with RMB or tangible assets, intangible assets, and other foreign exchange assets examined and approved by the Foreign Exchange Administrations. Profits generated from the overseas direct investment of domestic institutions may also be retained overseas for the purpose of overseas direct investment. Self-owned foreign exchange funds referred to in the preceding paragraph include: foreign exchange funds in foreign exchange accounts under the current account, capital accounts of foreign-invested enterprises, and so forth. Article 5 The State Administration of Foreign Exchange can make adjustments to the relevant policies concerning the scope of the sources and management modes of the foreign exchange funds for the overseas direct investment of domestic institutions and the overseas retention of profits generated from their overseas direct investment according to the situation in Chinas balance of payments and the situation in Chinas overseas direct investment. Chapter a Foreign Exchange Registration and Outward Remittances of Funds for Overseas Direct Investment Article 6 The Foreign Exchange Administrations shall carry out a foreign exchange registration and recording system for overseas direct investments of domestic institutions and for assets and relevant rights and interests generated from such investments. Domestic institutions shall demonstrate the sources of the foreign exchange funds for their overseas investment when registering foreign exchange for overseas direct investment at the Foreign Exchange Administrations in their localities. Article 7 After undergoing examination and obtaining approval from the overseas direct investment authorities, domestic institutions shall register the foreign exchange for their overseas direct investment at the Foreign Exchange Administrations in their localities with the following materials: 1. Filing a written application and filling out the Application Form for Foreign Exchange Registration of Overseas Direct Investment (for the format of the form, please refer to Attachment 1); 2. Materials demonstrating the sources of the foreign exchange funds; 3. A valid business license or evidence of registration and the organizational code certificate of the domestic institution; 4. Approval documents or certificates that have been issued by the overseas direct investment authorities concerning the investments. 5. In cases where preceding expenses are remitted outward, the relevant documents explaining such remittances as well as evidence of such remittances shall be provided; 6. Other materials required by the Foreign Exchange Administrations. The Foreign Exchange Administrations shall register the relevant situations in the corresponding business systems after examining and verifying the said materials, and shall grant the domestic institutions a foreign exchange registration certificate for overseas direct investment. The domestic institutions shall handle the foreign exchange receipt and payment business under overseas direct investment through the use of the said registration certificate. Where one case of overseas direct investment is made collaboratively by a number of domestic institutions, the Foreign Exchange Administrations in the localities of the domestic institutions shall separately grant the relevant domestic institutions a foreign exchange registration certificate for overseas direct investment, and shall register the corresponding situations in the relevant business systems. Article 8 Domestic institutions shall complete the procedures for outward remittances of overseas direct investment funds at the designated foreign exchange banks by presenting to the banks the approval document and the foreign exchange registration certificate for overseas direct investment issued by the overseas direct investment authorities. The designated foreign exchange banks shall handle the procedures after examining the authenticity of the documents. The cumulative amount of money remitted outward by the designated foreign exchange banks for handling remittances for overseas direct investment funds for domestic institutions shall not exceed the total amount of foreign exchange funds for overseas direct investment registered in advance by these domestic institutions in the relevant business systems of the Foreign Exchange Administrations. Article 9 The domestic institutions shall, within 60 days after the occurrence of the following circumstances, handle the foreign exchange registration, the modification or recording procedures for overseas direct investment with a foreign exchange registration certificate for overseas direct investment, the approval document or recording document issued by the overseas direct investment authorities, as well as the relevant materials demonstrating the authenticity of such documents at the Foreign Exchange Administration in their localities: 1. When the domestic institution retains the profits generated from their overseas direct investment outside the territory of China and foreign exchange revenue under the capital account generated from capital reduction, equity conversion, liquidation, and so forth of overseas enterprises for the purpose of establishing, acquiring, or participating in the equity of unregistered overseas enterprises, shall complete the foreign exchange registration procedures for the said direct investment activities; 2. In case of any changes in the basic information of the registered overseas enterprises, such as an modification of the corporate name, terms of operation, JV and cooperative partners, and manner of cooperation and so forth, or the occurrence of a capital increase, capital reduction, equity transfer or swap, merger or split, and so forth, the domestic institutions shall go through the foreign exchange registration modification procedures for overseas direct investment in light of the said change in circumstances; 3. In the case of the occurrence of significant matters such as long-term equity or debt investment, external guarantees, and so forth of registered overseas enterprises which do not involve a change in capital, the domestic institutions concerned shall complete the foreign exchange recording procedures for overseas direct investment for the said significant matters. Article 10 In cases where the equity of overseas enterprises held by domestic institutions is cancelled due to causes such as equity transfers, bankruptcy, dissolution, liquidation, expiry of operations, and so forth, the domestic institutions shall, within 60 days after obtaining relevant the documentary evidence issued by the overseas direct investment authorities, complete the foreign exchange registration procedures for the cancellation of the overseas direct investment by presenting the relevant materials to the Foreign Exchange Administrations in their localities. Article 11 The domestic institutions may provide commercial loans or external financial guarantees for the enterprises in which its overseas direct investment is made in line with the Regulations of the Peoples Republic of China on Foreign Exchange Administration and other relevant regulations. Article 12 Where a domestic institution makes an investment in a country or region with foreign exchange controls, such institution can open a special foreign exchange account for payments and receipts of foreign exchange funds related to the investment in a country or region not subject to foreign exchange controls in line with the regulations. Chapter b Outward Remittances of Preceding Expenses for Overseas Direct Investment Article 13 The preceding expenses for overseas direct investmentrefer to expenses payable overseas by domestic institutions related to their overseas direct investment prior to the establishment of projects or enterprises by the domestic institutions through overseas investment, which include but are not limited to: 1. Guarantee funds payable by the domestic institutions for the purchase of equity or overseas asset interests and rights of overseas enterprises according to the provisions as stipulated by the laws in the localities of the projects or the requirements of the transferor; 2. Bidding deposits payable by the domestic institutions in the process of bidding and tendering of overseas projects; 3. Expenses needed for conducting a market survey, leasing an office site and equipment, recruiting staff, and inviting overseas intermediary institutions to provide services prior to the initiation of the overseas direct investment. Article 14 The preceding expenses remitted by the domestic institutions overseas normally shall not be more than 15% of the total amount of overseas direct investment which the domestic institutions have already applied for with the direct investment authorities (hereinafter referred to as the total amount of overseas direct investment). The domestic institutions shall apply for the remittances of such expenses at the Foreign Exchange Administrations in their localities with the following materials: 1. A written application (including the total amount of overseas direct investment, the amount of contributions by each party, the form of contributions, and demonstration of the amount, use, fund sources, and so forth of the preceding expenses); 2. A valid business license or evidence of registration and the organizational code certificate of the domestic institutions; 3. Relevant documents demonstrating the participation of the domestic institutions in tendering, acquisition, or JV and cooperative projects (including a letter of intent signed by the Chinese and foreign parties, a memorandum or framework agreement, and so forth); 4. The written application submitted by the domestic institutions to the overseas direct investment authorities; 5. A Letter of Commitment in written form issued by the domestic institutions on the use of the preceding expenses; 6. Other relevant materials as required by the Foreign Exchange Administrations. Where the preceding expenses remitted outward by the domestic institutions for overseas direct investment exceed 15% of the total amount of overseas direct investment, the domestic institutions shall file an application for such remittances with the said materials to the SAFE branches in their localities (including the foreign exchange administrative departments). The designated foreign exchange banks shall handle the foreign exchange purchase and payment procedures for the domestic institutions on the basis of the approval documents issued by the Foreign Exchange Administrations, and shall provide feedback on relevant information to the Foreign Exchange Administrations in a timely manner. Article 15 The preceding expenses remitted by domestic institutions overseas shall be listed in the total amount of overseas direct investment of the domestic institutions. The designated foreign exchange banks shall deduct the amount of the outward remitted preceding expenses from the total amount of overseas direct investment when handling the outward remittance of overseas direct investment funds of domestic institutions. Article 16 Where domestic institutions fail to complete the examination and approval procedures for overseas direct investment within 6 months after the date of the outward remittance of the preceding expenses, the domestic institutions shall transfer the remaining funds in their overseas accounts to the original domestic foreign exchange accounts from which the funds have been remitted. In cases where the remitted foreign exchange funds are identified as foreign exchange purchased with RMB, the domestic institutions can complete the procedures for exchange settlement at the designated foreign exchange banks with the original foreign exchange purchase vouchers. The Foreign Exchange Administrations in the localities of the domestic institutions shall be responsible for supervising the inward transfer of the remaining preceding expenses by domestic institutions. If an extension of the 6-month period is required for this work, the said 6-month period can be properly extended after the extension is examined and approved by the Foreign Exchange Administrations that have conducted the examination and approval procedures for the remittance of the preceding expenses; however, the period of extension shall not exceed a maximum of 12 months. Chapter c Inward Remittances of Funds and Foreign Exchange Settlement under Overseas Direct Investment Article 17 Where the domestic institutions remit profits generated from their overseas direct investment to within China, such profits can be deposited in foreign change accounts under the current account of the said domestic institutions or can handle the foreign exchange settlement formalities. The designated foreign exchange banks shall handle the procedures for account entering or exchange settlement of profits generated from the overseas direct investment of domestic institutions after ensuring the authenticity of the relevant materials of the domestic institutions, such as the foreign exchange registration certificate for overseas direct investment, the relevant financial statement and decision on the disposal of the profits of the overseas enterprises, the annual examination and verification inspection report for the previous year and so forth. Article 18 The foreign exchange revenue under the capital account of the domestic institutions that is generated from capital reductions, equity transfers, liquidation, and so forth of overseas enterprises established by such institutions shall be put into an account via the special foreign exchange accounts for asset realization, or shall be retained outside of China with the approval from the Foreign Exchange Administrations. The opening and account entering of the special foreign exchange accounts for asset realization shall be subject to examination and approval of the Foreign Exchange Administrations in the localities of the domestic institutions according to the relevant regulations. Foreign exchange settlement of funds in such accounts shall be subject to applications handled at the designated foreign exchange banks according to the relevant regulations. Article 19 Where domestic institutions transfer in full or in part the equity of enterprises under their overseas direct investment to other domestic institutions, the relevant funds shall be paid in RMB within the territory of China. The transferors of such equity shall complete the change or cancellation procedures for foreign exchange registration for their overseas direct investment at the Foreign Exchange Administrations in their localities. The transferees of such equity shall complete the foreign exchange registration procedures for overseas direct investment for transferred equity at the Foreign Exchange Administrations in their localities. Chapter d Supplementary Provisions Article 20 Domestic institutions (excluding financial institutions) shall participate in the annual inspections in line with the relevant regulations on joint annual inspections for overseas investment. Where one case of overseas direct investment is jointly implemented by a number of domestic institutions, such institutions shall separately participate in the foreign exchange annual inspection at the Foreign Exchange Administrations in their localities. Article 21 Direct investment made by domestic institutions in Hong Kong SAR, Macao SAR, and Taiwan Province shall be subject to administration in line with these Regulations. Article 22 Unless otherwise stipulated by the relevant supervisory departments on fund use of overseas direct investment of domestic financial institutions, the foreign exchange administration on overseas direct investment of domestic financial institutions shall be implemented in line with these Regulations. Article 23 Such businesses as foreign exchange receipts and payments and foreign exchange registration under overseas direct investment by domestic institutions shall be handled via the corresponding business systems according to the relevant regulations. The designated foreign exchange banks shall provide feedback to the Foreign Exchange Administrations on information about the foreign exchange receipts and payments under overseas direct investment via the relevant business systems. Article 24 Any domestic institution in breach of these Regulations shall be penalized by the Foreign Exchange Administrations in line with the Regulations of the Peoples Republic of China on Foreign Exchange Administration. Where the acts of a domestic institution constitute a crime, such institution shall assume criminal responsibility in accordance with the relevant laws. Article 25 These Regulations shall be interpreted by the State Administration of Foreign Exchange. Article 26 These Regulations shall take effect as of August 1, 2009. Other regulatory documents listed in Annex a shall be annulled as of the date of implementation of these Regulations. Where previous regulations are inconsistent with these Regulations, these Regulations shall prevail. Annex (omitted) 2009-07-13/en/2009/0713/692.html
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Decree [2009] No. 1 Pursuant to the Regulations of the People's Republic of China on Foreign Exchange Administration and the Measures for Administration of Domestic Securities Investments by Qualified Foreign Institutional Investors (QFII) (Decree [2006] No. 36 of the CSRC, PBOC, and SAFE), the Regulation on Foreign Exchange Administration of Domestic Securities Investments by Qualified Foreign Institutional Investors (QFII), which will enter into effect from the date of promulgation, is hereby promulgated. September 29, 2009 Regulations on Foreign Exchange Administration of Domestic Securities Investments by Qualified Foreign Institutional Investors (QFII) Chapter 1 General Provisions Article 1 For the purpose of standardizing the foreign exchange administration of Qualified Foreign Institutional Investors (hereinafter referred to as QFII) in China's securities market, these Regulations are promulgated based on the Regulations of the People's Republic of China on Foreign Exchange Administration and the Measures for Administration of Domestic Securities Investments by Qualified Foreign Institutional Investors (QFII) (Decree [2006] No. 36 of the CSRC, PBOC, and SAFE). Article 2 The QFII shall mandate its domestic custodian (hereinafter referred to as custodian) to go through all the relevant procedures as required by these Regulations. Article 3 The QFII and its custodian shall comply with the relevant regulations of Chinas foreign exchange administration. Article 4 The branches and foreign exchange administrative departments of the State Administration of Foreign Exchange (hereinafter referred to as AFEs) shall, in compliance with the relevant laws and regulations, exercise supervision, management, and inspection over the investment quota, fund accounts, fund receipts and payments, and exchange, and so forth. Chapter 2 Investment Quota Administration Article 5 The QFIIs domestic securities investments are subject to quota administration. The State Administration of Foreign Exchange (hereinafter referred to as the SAFE) approves the investment quota of single QFIIs and encourages mid-term and long-term investments. Article 6 The following materials shall be submitted to the SAFE when the QFII applies for an investment quota and to open foreign exchange accounts and a special RMB accounts: 1) A written application submitted by the QFII and its custodian, including the basic information on the QFII, the source of funds, the investment plan, the QFIIs letter of commitment that no capital shall be withdrawn during the lock-up period, and so on, along with the Registration Form for Qualified Foreign Institutional Investors by the SAFE. (See Attachment 1 for a sample.) 2) Photocopies of the License for the Securities Investment Business of Qualified Foreign Institutional Investorsissued by the China Securities Regulatory Commission (hereinafter referred to as the "CSRC"). 3) The QFIIs notarized power of attorney to the custodian. 4) Other materials as required by the SAFE QFIIs that apply to increase the investment quota shall provide, apart from the aforesaid 1) and 4), the Foreign Exchange Registration Certificate for Qualified Foreign Institutional Investors (hereinafter referred to as the FERC), and a report on the domestic investments of the approved investment quota, including asset allocations and changes, investment profits and losses, compliance, average stock turnover, and so forth. Article 7 An application for a single QFII investment quota shall not be less than an amount equivalent to USD 50 million for each time, but not more than an amount equivalent to a total of USD 1 billion. The SAFE may adjust the aforesaid limits in accordance with the economic and financial situations, the supply and demand relations in the foreign exchange market, the status of the balance of payments, and other factors. The QFII shall not, within 1 year after the approval of the investment quota, apply for an increase in its investment quota. Article 8 The QFII should, within 6 months after the date of approval of each investment quota, remit the principal inward; should it be overdue, the QFII shall not remit the principal inward unless it is approved. Should the remitted principal be not the full prescribed amount but in excess of the equivalent of USD 20 million, the actually remitted amount shall be deemed to be its investment quota. In the event that the QFII remits the principal in non-U.S. Dollar currencies, it is necessary to calculate the remitted U.S. Dollar equivalent of the investment quota with reference to the Conversion Rate Table of All Currencies to the U.S. Dollarissued by the SAFE in the month when the outward remittance takes place. Article 9 For QFIIs, such as pension funds, insurance funds, mutual funds, charity funds, endowment funds, government and monetary authorities, and open-ended Chinese funds initiated and established by QFIIs, the lock-up period of the principal is 3 months; for other QFIIs, the period is 1 year. The lock-up period of a QFIIs principal shall be calculated from the date of the remittance of the full amount of the principal; in the event of a failure to remit the principal within the prescribed period of time, the lock-up period shall be calculated 6 months after the date when the investment quota is approved. The aforesaid open-ended Chinese funds refer to open-ended securities investment funds that are established abroad in public offerings, with over 70% of the funds invested in China. The QFII shall report and file, within 20 working days after the initiation and establishment of open-ended Chinese funds, the original fund prospectuses and Chinese translations of its basic contents to the SAFE. The aforesaid lock-up period refers to the period in which the QFIIs are forbidden from remitting the principal abroad. Chapter 3 Account Administration Article 10 With the approval of the investment quota and the account opening issued by the SAFE, the QFII can, in the location of its custodian, open a foreign exchange account and a corresponding special RMB account for its own funds or for its clientsfunds for which it provides asset management services, respectively. QFIIs that establish open-ended Chinese funds shall open a foreign exchange account and a corresponding special RMB account for each of the funds. The custodian shall, within 5 working days after the opening of the QFIIs foreign exchange account and special RMB account, file with the AFE in the place where it is located, and report the formal custody agreement to the SAFE and receive the FERC for the QFII. Article 11 The income in the QFIIs foreign exchange accounts shall includes principals remitted from abroad by the QFII, interest income, funds remitted inward by purchasing foreign exchange through the QFIIs special RMB accounts, and other income approved by the SAFE. Expenditures shall include funds remitted to the QFIIs special RMB accounts by exchange settlement, funds remitted abroad by the same route as remitted inward, and other expenditures approved by the SAFE. The income in the QFIIs special RMB accounts shall include funds remitted inwards from the QFIIs foreign exchange accounts by exchange settlement, the proceeds from the sales of securities, cash dividends, interest income, and other income approved by the SAFE; expenditures shall include expenses for purchasing the prescribed products, such as securities (including stamp duties, service charges, etc.), taxes and duties, such as taxes, custody fees, audit fees, and overhead expenses, funds remitted to the QFIIs foreign exchange accounts with purchased foreign exchange, and other expenditures approved by the SAFE. Funds in the QFIIs foreign exchange accounts and special RMB accounts shall not be used for any purposes other than domestic securities investments. Article 12 Funds shall not be transferred among the QFIIs fund accounts, clientsfund accounts, and accounts for open-ended Chinese funds accounts, or among multiple accounts for open-ended Chinese funds under a single QFII. Article 13 The deposit rates for the QFIIs foreign exchange accounts and special RMB accounts shall be applied in accordance with the relevant regulations as promulgated by the Peoples Bank of China. Article 14 When a QFII is involved in one of the following circumstances, it shall be subject to punishment of the realization of its assets within one month, the closing of its foreign exchange accounts and special RMB accounts opened at the location of its custodian, and repeal of its corresponding investment quota: 1) The CSRC has revoked its license for securities investment business; 2) The amount of funds remitted inward by the QFII within 6 months after the first approval of the investment quota is less than the equivalent of USD 20 million; 3) The amount of the remaining principal left in China is less than the equivalent of USD 20 million due to the QFIIs repatriation of investments abroad; 4) The SAFE revokes the QFIIs investment quota in compliance with these Regulations; 5) Other circumstances as prescribed by the SAFE. The custodian shall, within 5 working days after the closing of the QFIIs foreign exchange accounts and special RMB accounts, file with the AFE in the place where it is located, and return the FERC to the SAFE. Chapter 4 Exchange Management Article 15 The QFII can, in accordance with the investment plan and the relevant reports that are provided when applying for an investment quota, within 10 working days prior to the actual investment taking place, advise its custodian to process the exchange settlement necessary for the investment and remit the funds to its special RMB account. A QFII that remits an amount of accumulated investment principal that is less than the equivalent of USD 20 million shall not process exchange settlements and investments. Article 16 Upon the termination of the lock-up period, open-ended Chinese funds can, based on the monthly subscribed or redeemed net amount, process the relevant inward or outward remittance of funds on a monthly basis In the event of net redemptions, the principal remitted outwards therein shall be calculated according to the ratio of the QFIIs investment principal and profits and losses on the last transaction day of the month prior to the outward remittance as confirmed by the custodian, and then that amount shall be deemed to be the approved amount for the next inward remittance of investment funds. In the event of net subscriptions of open-ended Chinese funds, should the exchange settlement funds remitted inward each time not be the equivalent of USD 50 million or more, the custodian can go directly through the relevant procedures on its behalf, and then file with the AFE in the place where the custodian is located; should they exceed the equivalent of USD 50 million, the open-ended Chinese funds shall, within 10 working days in advance, file an application with the AFE in the place where the custodian is located along with the photocopies of the FERC, and shall carry out the relevant procedures unless approval is granted by the aforesaid AFE. In the event of net redemptions of the open-ended Chinese funds, should the funds remitted outward with foreign exchange purchased each time not be the equivalent of USD 50 million or more, the custodian can directly go through the relevant procedures on its behalf, and then file with the AFE in the place where the custodian is located; should they exceed the equivalent of USD 50 million, the open-ended Chinese funds shall, within 10 working days in advance, file a written application with the AFE in the place where the custodian is located, along with a written application, photocopies of the FERC, and a report on investment profits and losses, and shall not go through the relevant procedures without the approval of the aforesaid AFE. Article 17 In the event that the QFII needs to remit the principal, with purchased foreign exchange upon the termination of the lock-up period of the investment principal, other than open-ended Chinese funds, the following application materials shall be submitted to the SAFE for approval: 1) A written application 2) The original copy of the FERC 3) A report on the inward remittances of the principal and past investments 4) Other materials as required by the SAFE After the examination and verification of the aforesaid materials, the SAFE shall issue an approval document, and correspondingly decrease the QFIIs investment quota. The custodian shall go through the procedures for foreign exchange purchases and outward remittances of funds on the QFIIs behalf with the approval of the SAFE. Article 18 In the event that the QFII needs to remit outwards the accumulated proceeds realized with purchased foreign exchange, other than for open-ended Chinese funds, it shall, upon the issuance of a special audit report by a Chinese certified public accountant, delegate its custodian to file an application with the AFE where the custodian is located on its behalf with the following materials: 1) A written application and the relevant documents attesting to the decision on the remittance of the proceeds; 2) The original copy of the FERC; 3) A special audit report on the investment proceeds issued by a Chinese certified public accountant; 4) Tax payment documentation on the proceeds; 5) Other materials as required by the AFE. After the examination and verification of the above-mentioned materials, the AFE in the place where the custodian is located, shall issue an approval document, which can be used by the custodian to go through the procedures for exchange purchases and outward remittances of funds on behalf of the QFII. Article 19 The custodian shall, in an accurate and timely manner, record on the FERC the situation regarding the remittance/exchange and receipt and payment of the QFIIs funds. Article 20 The SAFE may, in accordance with Chinas economic and financial situations, supply and demand relations in the foreign exchange market, and status of the balance of payments, adjust the time, amount, and period for the outward remittances of funds by the QFII. Chapter 5 Statistics, Supervision, and Administration Article 21 When a QFII is involved in one of the following circumstances, it shall within 5 working days go through the procedures with the SAFE to change the FERC and submit a written report to the SAFE 1) Changes in its basic information such as the name, responsible leader, major shareholders, or actual controller of the QFII; 2) The QFII or its major shareholders or actual controller face significant penalties by other regulatory authorities (including foreign authorities), and the penalties thereof shall exert a significant influence on the QFIIs investment operations, or the relevant business licenses are suspended or revoked; 3) The custodian or the entrusted domestic investment institutions (brokers) are changed or important information thereof is changed; 4) There are changes in the account name, information on the account, and so forth; 5) Changes in the fund prospectuses of the open-ended Chinese funds; 6) Other situations as prescribed by the SAFE. In the event that the QFII changes its custodian, the new custodian shall provide, apart from the aforesaid materials, a draft of a newly signed escrow agreement, basic information about the new custodian, a report on the escrow business, and a newly notarized power attorney, and shall submit a formal escrow agreement within 5 working days after the date on which the foreign exchange account and the special RMB account are opened. Article 22 The custodian shall submit the relevant reports on remittance/exchange of funds and domestic securities investments by the QFII in a timely and accurate manner according to the following particulars: 1) Completing the Schedule of QFIIs Funds Outward/Inward Remittances (See Attachment 2 for a sample) within 2 working days after the QFIIs outward/inward remittances of funds or settlement/purchase of exchange; 2) Submitting the Monthly Report I & II on Domestic Securities Investment by the QFIIwithin 8 working days after the end of each calendar month; 3) Submitting the last fiscal years Annual Financial Statements I & II on Domestic Securities Investments by QFIIs(see Attachment 4 for a sample) as audited by a Chinese certified public accountant within 3 months after the termination of each fiscal year. Article 23 A QFII that commits one of the following acts shall be subject to punishment by the AFE in accordance with the Regulations of the People's Republic of China on Foreign Exchange Administration, and the investment quota thereof may be reduced or revoked: 1) Illegal use of foreign exchange, such as transferring or selling the investment quota. 2) Providing false information or materials to its custodian or the AFE. 3) Failing to process the exchange settlement or exchange purchase/payment in accordance with the relevant regulations. 4) Failing to provide relevant information or materials regarding its remittance/exchange of funds and domestic securities investments as required by the AFE 5) Other acts in breach of the regulations on foreign exchange administration. Article 24 Custodians that commit one of the following acts shall be subject to punishment by the AFE in accordance with the Regulations of the People's Republic of China on Foreign Exchange Administration; in serious cases, its qualification as QFII custodian shall be revoked jointly by the AFE and CSRC: 1) The outward remittance of the principal for the QFII exceeds the SAFE-approved investment quota or is overdue; 2) Failure to go through the procedures for the outward remittance of principal/proceeds for the QFII in accordance with the relevant regulations; 3) Failure to open/close the foreign exchange accounts and special RMB accounts for the QFII in accordance with the relevant regulations, or failure to go through the remittance/exchange of funds and transfer procedures for the QFII for the prescribed income and range of expenditures for the account; 4) Failure to submit reports or relevant materials to the AFE, or failure to report on relevant situations to the AFE. 5) Failure to report the balance of payments in accordance with the relevant regulations; 6) Other acts in breach of the regulations on foreign exchange administration. Chapter 6 Supplementary Provisions Article 25 The materials submitted to the AFE as required by these Regulations shall be in Chinese. Should there be counterparts in both Chinese and a foreign language, the Chinese text shall prevail. Article 26 Power to interpret the present Regulations shall remain with the SAFE. Article 27 These Regulations will enter into force as of the date of promulgation. The Provisional Measures for Foreign Exchange Administration of Domestic Securities Investments by Qualified Foreign Institutional Investors (QFII) (Announcement No. 2 [2002] of the SAFE) and the Circular of the General Affairs Department of the State Administration of Foreign Exchange on the Management and Operation of Foreign Exchange of QFIIs (Huizongfa No. 124 [2003]) shall be repealed. Attachments: (Omitted) 2009-11-13/en/2009/1113/695.html