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中华人民共和国商务部 令 中国证券监督管理委员会 国务院国有资产监督管理委员会 国家税务总局 国家市场监督管理总局 国家外汇管理局 二〇二四年第3号 《外国投资者对上市公司战略投资管理办法》已经2024年8月15日本届商务部第13次部务会议审议通过，并经中国证监会、国务院国资委、税务总局、市场监管总局、国家外汇局同意，现予公布，自2024年12月2日起施行。 商务部 部 长 王文涛 中国证监会 主 席 吴 清 国务院国资委 主 任 张玉卓 税务总局 局 长 胡静林 市场监管总局 局 长 罗 文 国家外汇局 局 长 朱鹤新 2024年11月1日 外国投资者对上市公司战略投资管理办法 第一条 为了推动高水平对外开放，更大力度吸引和利用外资，引进境外资金和管理经验，改善上市公司治理结构，引导外国投资者对上市公司有序规范实施战略投资，维护证券市场秩序，保护上市公司和股东的合法权益，根据《中华人民共和国外商投资法》《中华人民共和国证券法》等法律法规，制定本办法。 第二条 外国投资者通过上市公司定向发行新股、协议转让、要约收购以及国家法律法规规定的其他方式取得并中长期持有上市公司A股股份的行为（以下简称战略投资），适用本办法。 第三条 本办法所称外国投资者，是指外国的自然人、企业或者其他组织。 本办法所称上市公司，是指A股上市公司。 第四条 战略投资应当遵循以下原则： （一）遵守国家法律、法规，不得危害国家安全和社会公共利益； （二）坚持公开、公平、公正的原则，维护上市公司及其股东的合法权益，接受政府、社会公众的监督，适用中国法律，服从中国的司法和仲裁管辖； （三）开展中长期投资，维护证券市场的正常秩序，不得炒作； （四）不得妨碍公平竞争，不得排除、限制竞争。 第五条 外国投资者不得对涉及外商投资准入负面清单规定禁止投资领域的上市公司进行战略投资；外国投资者对涉及外商投资准入负面清单规定限制投资领域的上市公司进行战略投资，应当符合负面清单规定的股权要求、高级管理人员要求等限制性准入特别管理措施。 第六条 外国投资者应当符合以下条件： （一）依法设立、经营的外国企业或者其他组织，财务稳健、资信良好且具有成熟的管理经验，有健全的治理结构和良好的内控制度，经营行为规范；外国自然人具备相应的风险识别和承担能力； （二）实有资产总额不低于5000万美元或者管理的实有资产总额不低于3亿美元；外国投资者成为上市公司控股股东的，实有资产总额不低于1亿美元或者管理的实有资产总额不低于5亿美元； （三）近3年内未受到境内外刑事处罚或者监管机构重大处罚；企业或者其他组织成立未满3年的，自成立之日起计。 外国企业或者其他组织实有资产总额或者管理的实有资产总额不符合前款第（二）项规定的条件、但其全资投资者（指全资拥有前述主体的外国自然人、企业或者其他组织）符合前款规定的条件的，可以依据本办法进行战略投资；此时，该全资投资者应作出承诺，或者与该外国企业或者其他组织约定，对有关投资行为共同承担责任。 第七条 外国投资者以其持有的境外公司股权，或者外国投资者以其增发的股份作为支付手段对上市公司实施战略投资的，还应当符合以下条件： （一）境外公司依法设立，注册地具有完善的公司法律制度，且境外公司及其管理层最近3年未受到境内外监管机构重大处罚；战略投资通过协议转让方式实施的，境外公司应当为上市公司； （二）外国投资者合法持有境外公司股权并依法可转让，或者外国投资者合法增发股份； （三）符合《中华人民共和国证券法》《中华人民共和国公司法》及国务院、国务院证券监督管理机构、证券交易所、证券登记结算机构的相关规定； （四）符合国家对外投资管理有关规定，完成相关手续。 第八条 外国投资者进行战略投资的，外国投资者、上市公司应当聘请在中国注册登记的符合《中华人民共和国证券法》规定的财务顾问机构、保荐机构或者律师事务所（以下统称中介机构）担任顾问。 战略投资通过上市公司定向发行新股方式实施的，由外国投资者聘请中介机构就该战略投资是否符合本办法第六条、第七条、第十条第二款规定，作尽职调查；上市公司聘请中介机构就该战略投资是否影响或者可能影响国家安全，是否涉及外商投资准入负面清单、是否符合本办法第五条，作尽职调查。 战略投资通过协议转让、要约收购方式实施的，由外国投资者聘请中介机构就该战略投资是否影响或者可能影响国家安全、是否涉及外商投资准入负面清单，是否符合本办法第五条、第六条、第七条、第十条第二款规定，作尽职调查。 第九条 中介机构应当出具报告，就前述内容逐项发表明确的专业意见，并予以披露。 中介机构应当在专业意见中，分别说明外国投资者及其一致行动人取得并持有上市公司的股份数、持股比例，包括但不限于通过本办法第二条和第三十三条涉及的方式。 第十条 外国投资者通过战略投资方式取得的上市公司A股股份12个月内不得转让。不符合本办法第六条、第七条规定的外国投资者通过虚假陈述等方式违规实施战略投资的，在其采取措施满足相应条件前及满足相应条件后12个月内，对所涉股份不得转让。 外国投资者可以根据中介机构、上市公司或者相关方要求作出不可变更或者撤销的公开承诺：如战略投资不符合本办法第四条、第五条、第六条、第七条规定条件，通过虚假陈述等方式违规实施战略投资，在满足相应条件前及满足相应条件后12个月内，外国投资者对所涉上市公司股份不进行转让、赠与或者质押，不参与分红，不就所涉上市公司股份行使表决权或者对表决施加影响。 《中华人民共和国证券法》和国务院证券监督管理机构规定、证券交易所规则对股份限售期有更长期限要求的，从其规定。 第十一条 战略投资通过上市公司定向发行新股方式实施的，外国投资者可以作为上市公司董事会提前确定的发行对象认购新股，或者作为通过竞价方式确定的发行对象认购新股。 第十二条 外国投资者作为上市公司董事会提前确定的发行对象认购新股的，战略投资应当按照以下程序办理： （一）上市公司与外国投资者签订定向发行的合同； （二）上市公司董事会通过向外国投资者定向发行新股的相关决议，披露本次战略投资是否符合本办法规定的条件； （三）上市公司股东会通过向外国投资者定向发行新股的有关决议； （四）上市公司按照国务院证券监督管理机构、证券交易所规定履行注册程序，取得注册决定； （五）上市公司向证券登记结算机构申请办理股份登记手续； （六）上市公司完成定向发行后，外国投资者或者上市公司向商务主管部门报送投资信息。 第十三条 外国投资者作为通过竞价方式确定的发行对象认购新股的，战略投资应当按照以下程序办理： （一）上市公司董事会、股东会通过定向发行新股的有关决议； （二）上市公司按照国务院证券监督管理机构、证券交易所规定履行股票发行的注册程序，取得注册决定； （三）外国投资者通过竞价确定为发行对象后，上市公司与外国投资者签订定向发行的合同； （四）上市公司向证券登记结算机构申请办理股份登记手续； （五）上市公司完成定向发行后，外国投资者或者上市公司向商务主管部门报送投资信息。 第十四条 战略投资通过协议转让方式实施的，外国投资者取得的股份比例不得低于该上市公司已发行股份的百分之五，并按照以下程序办理： （一）上市公司按照法律法规和公司章程规定履行有关内部程序； （二）转让方与外国投资者签订股份转让协议； （三）转让双方向证券交易所办理股份转让确认手续、向证券登记结算机构申请办理登记过户手续； （四）外国投资者和上市公司按照有关规定办理手续完成协议转让后，外国投资者或者上市公司向商务主管部门报送投资信息。 第十五条 战略投资通过要约收购方式实施的，外国投资者预定收购的上市公司股份比例不得低于该上市公司已发行股份的百分之五，并按照以下程序办理： （一）外国投资者依法编制要约收购报告书摘要； （二）外国投资者、上市公司及相关方按照法律法规和国务院证券监督管理机构、证券交易所的相关规定履行报告、公告等程序； （三）外国投资者向证券交易所办理股份转让确认手续，向证券登记结算机构申请办理预受要约股票的临时保管、股份转让结算、过户登记手续； （四）外国投资者按照有关规定办理手续完成要约收购后，外国投资者或者上市公司向商务主管部门报送投资信息。 第十六条 外国投资者对上市公司实施战略投资，应当按照《中华人民共和国证券法》和国务院证券监督管理机构、证券交易所的相关规定履行信息披露及其他法定义务。 外国投资者进行战略投资构成上市公司收购及相关股份权益变动的，编制的权益变动报告书、要约收购报告书及其摘要、上市公司收购报告书及其摘要中应当披露该战略投资是否涉及外商投资准入负面清单，是否符合本办法第五条、第六条、第七条规定的条件。 第十七条 外国投资者实施战略投资涉及证券登记结算有关事项，应当按照证券登记结算有关规定办理相关手续。外国投资者向证券登记结算机构办理相关手续时，应当提交身份证明、中介机构报告、股票发行注册文件或者股份转让确认文件等材料；属于本办法第七条规定情形的，还应当提交已完成对外投资有关手续的证明材料。 未提交前款规定的材料或者提交的中介机构报告认为战略投资不符合本办法相关规定的，证券登记结算机构不予办理相关手续。 对于外国投资者在上市公司股权分置改革前持有的非流通股份或者在上市公司A股上市前持有的股份，证券登记结算机构可以根据外国投资者申请为其开立证券账户。 第十八条 外国投资者在以下情形下可转让通过战略投资取得的A股股份： （一）在限售期满后，按照国家有关规定转让； （二）在限售期满前，因外国投资者死亡或者法人终止、司法扣划等原因需转让上述股份的，在遵守《中华人民共和国证券法》及国务院证券监督管理机构、证券交易所、证券登记结算机构相关规定前提下，按照国家有关规定办理。 除对所投资的上市公司继续进行战略投资和前款所述情形外，外国投资者不得以其因战略投资开立的证券账户进行证券买卖。 第十九条 在外国投资者对上市公司完成战略投资后，外国投资者持股比例变化累计超过5%或者外方控股、相对控股地位发生变化时，外国投资者或者上市公司应当向商务主管部门报送投资信息。 第二十条 战略投资涉及本办法第六条第二款规定的情形并已按期完成的，全资投资者转让该外国投资者的行为应当符合本办法第十条关于限售期的规定，新的受让方仍应当符合本办法所规定的条件，承担该全资投资者及该外国投资者在上市公司中的权利和义务，并依法履行信息披露等义务。 第二十一条 外国投资者战略投资，涉及国有企业及国有控股上市公司境外投资或者上市公司国有股权变动的，应当遵守国有资产管理的相关规定。 第二十二条 外国投资者战略投资构成经营者集中，且达到国务院规定的申报标准的，经营者应当事先向国务院反垄断执法机构申报，未申报的不得实施集中。 第二十三条 外国投资者实施战略投资涉及外汇管理有关事项，应当按照外汇管理有关规定办理相关的外汇登记和注销、账户开立和注销、结售汇和跨境收支等手续。 第二十四条 战略投资涉及上市公司登记事项变更的，上市公司应当依法向市场监督管理部门申请办理登记注册手续。 第二十五条 战略投资涉及税收事宜的，应当依照法律、行政法规和国家有关规定办理，并接受税务主管部门依法实施的监督检查。 第二十六条 外国投资者战略投资上市公司，影响或可能影响国家安全的，应当依照《外商投资安全审查办法》等相关规定进行安全审查。 第二十七条 外国投资者对上市金融机构进行战略投资的，还应当符合国家关于外商投资金融机构的相关规定。 第二十八条 行政机关及其工作人员必须忠于职守、依法履行职责，不得利用职务便利牟取不正当利益，对履行职责过程中知悉的商业秘密应当依法予以保密，不得泄露或者非法向他人提供。 第二十九条 不符合本办法第四条、第五条、第六条、第七条规定的外国投资者，通过虚假陈述等方式违规实施战略投资的，商务主管部门可依法予以警告或者通报批评；情节严重的，处十万元以下罚款。 第三十条 商务主管部门依据《中华人民共和国外商投资法》《外商投资信息报告办法》等相关规定，对外国投资者及上市公司履行外商投资信息报告义务的情况实施监督检查。对于未按照规定报送投资信息的，依法予以处理。 第三十一条 外国投资者的投资活动违反外商投资准入负面清单的，由有关部门依据《中华人民共和国外商投资法》及相关规定予以处理。 第三十二条 中介机构未勤勉尽责，所制作、出具的文件有虚假记载、误导性陈述或者重大遗漏的，由国务院证券监督管理机构依据《中华人民共和国证券法》及相关规定予以处理。 第三十三条 以下情形不适用本办法，但应当遵守国家有关规定： （一）合格境外机构投资者和人民币合格境外机构投资者对上市公司投资； （二）外国投资者通过境内外股票市场互联互通机制对上市公司投资； （三）外国投资者因所投资的外商投资股份有限公司在A股上市取得的上市公司股份； （四）符合国务院证券监督管理机构有关规定的外国自然人在二级市场买卖上市公司股份或者通过股权激励取得上市公司股份。 第三十四条 外国投资者对全国中小企业股份转让系统挂牌公司实施战略投资的，参照本办法办理。 第三十五条 香港特别行政区、澳门特别行政区、台湾地区投资者，以及定居在国外的中国公民，对上市公司实施战略投资的，参照本办法办理。 第三十六条 本办法自2024年12月2日起施行。商务部、中国证监会、国家税务总局、原工商总局、国家外汇管理局令2005年第28号（《外国投资者对上市公司战略投资管理办法》）同时废止。 2024-11-04/liaoning/2024/1104/2299.html
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为进一步深化合格境外机构投资者和人民币合格境外机构投资者外汇管理改革，稳步推进金融市场对外开放，中国人民银行、国家外汇管理局修订了《境外机构投资者境内证券期货投资资金管理规定》，现予以公布，自2024年8月26日起实施。 附件：境外机构投资者境内证券期货投资资金管理规定 中国人民银行 国家外汇管理局 2024年7月26日 附件： 境外机构投资者境内证券期货投资资金管理规定 第一章 总则 第一条 为规范境外机构投资者境内证券期货投资管理，根据《中华人民共和国中国人民银行法》《中华人民共和国外汇管理条例》等相关法律法规，制定本规定。 第二条 本规定所称境外机构投资者，是指经中国证券监督管理委员会（以下简称中国证监会）批准，投资于境内证券期货市场的合格境外机构投资者和人民币合格境外机构投资者（以下简称合格投资者）。 第三条 合格投资者应当委托境内托管人（以下简称托管人）办理本规定所要求的相关手续。 合格投资者委托2家以上托管人的，应当指定1家托管人作为主报告人（仅有1家托管人的，默认该托管人为主报告人），负责为其办理业务登记等事项。 第四条 中国人民银行、国家外汇管理局及其分支机构依法对合格投资者的资金账户、资金收付及汇兑等实施监督、管理和检查。 第二章 登记管理 第五条 国家外汇管理局对合格投资者境内证券期货投资资金实行登记管理。 第六条 合格投资者取得中国证监会经营证券期货业务许可证后，应向主报告人提供以下材料，并通过主报告人在国家外汇管理局数字外管平台银行版资本项目相关模块办理业务登记： （一）经营证券期货业务许可证复印件。 （二）有关遵守中国关于合格投资者税收管理规定的承诺函。 第七条 合格投资者名称发生变更的，应在取得中国证监会换发的经营证券期货业务许可证后30个工作日内，通过主报告人办理变更登记。 主报告人发生变更的，合格投资者应自变更之日起30个工作日内通过新的主报告人办理变更登记。 主报告人以外的托管人等其他重要信息发生变更的，合格投资者应自变更之日起30个工作日内通过主报告人办理变更登记。 第八条 主报告人应认真履行职责，严格审核合格投资者所提供材料的真实性，办理业务登记或变更登记后将相关登记凭证反馈合格投资者。 第三章 账户和汇兑管理 第九条 合格投资者应凭业务登记凭证，根据投资和资金汇入需要，在托管人处开立一个或多个合格投资者专用账户。合格投资者相关投资本金和收益等跨境汇出汇入，应统一通过合格投资者专用账户在托管人处办理。 合格投资者仅汇入外币资金的，须开立外币专用账户及与外币专用账户相对应的人民币专用存款账户；仅汇入人民币资金的，须开立人民币专用存款账户；同时汇入人民币和外币资金的，须分别开立人民币专用存款账户、外币专用账户及与外币专用账户相对应的人民币专用存款账户，两类人民币专用存款账户的命名应予以有效区分，且不得相互划转资金。 第十条 合格投资者可自主选择汇入币种开展境内证券期货投资。合格投资者汇入外币进行投资的，结汇后应划入其与外币专用账户相对应的人民币专用存款账户，投资本金和收益可以外币或人民币汇出。合格投资者汇入人民币进行投资的，应直接汇入其人民币专用存款账户，投资本金和收益应以人民币汇出。 第十一条 合格投资者外币专用账户的收入范围：合格投资者从境外汇入的本金及支付有关税费（税款、托管费、审计费、管理费等）所需外币资金，外币利息收入，开展外汇衍生产品交易相关资金划入，境内办理结售汇相关资金划入，同名中国债券市场投资专用资金账户内资金划入，同名合格投资者专用账户内资金相互划转，从与外币专用账户相对应的人民币专用存款账户购汇划入的资金，以及符合中国人民银行和国家外汇管理局规定的其他收入。 合格投资者外币专用账户的支出范围：结汇划入与外币专用账户相对应的人民币专用存款账户，开展外汇衍生产品交易相关资金划出，向境外汇出本金及收益，境内办理结售汇相关资金划出，向同名中国债券市场投资专用资金账户划出，同名合格投资者专用账户内资金相互划转，支付托管费，以及符合中国人民银行和国家外汇管理局规定的其他支出。 第十二条 合格投资者人民币专用存款账户的收入范围：从合格投资者外币专用账户结汇划入的资金或从境外汇入的人民币投资本金，出售证券期货所得价款、现金股利、利息收入，开展外汇衍生产品交易相关资金划入，境内办理结售汇相关资金划入，同名中国债券市场投资专用资金账户内资金划入，同名合格投资者专用账户内资金相互划转，以及符合中国人民银行和国家外汇管理局规定的其他收入。 合格投资者人民币专用存款账户的支出范围：支付证券期货投资价款（含印花税、手续费等），购汇划入合格投资者外币专用账户或以人民币汇出投资本金和收益，开展外汇衍生产品交易相关资金划出，境内办理结售汇相关资金划出，支付税款、托管费、审计费和管理费等相关税费，向同名中国债券市场投资专用资金账户划出，同名合格投资者专用账户内资金相互划转，以及符合中国人民银行和国家外汇管理局规定的其他支出。 第十三条 合格投资者开立相关境内人民币银行结算账户，应按照中国人民银行关于境外机构境内人民币银行结算账户管理的有关规定办理。合格投资者所开立相关账户不得支取现金，账户内的资金存款利率参照中国人民银行有关规定执行。 第十四条 同一境外机构投资者的合格投资者专用账户内资金与中国债券市场投资专用资金账户内资金，可根据境内投资需要，在境内直接双向划转，后续交易及资金使用、汇兑等遵循划转后渠道的相关管理要求。 第十五条 合格投资者办理相关资金汇出手续，托管人可凭合格投资者书面申请或指令为其办理。如涉及清盘（含产品清盘），合格投资者还需向托管人提供中国注册会计师出具的投资收益专项审计报告、税务备案表（按规定无需提供的除外）等文件。清盘相关手续完成后，托管人可为其办理关闭账户。 第十六条 合格投资者开展境内人民币对外汇衍生产品交易，应遵循实需交易和套期保值原则，管理境内证券期货投资所产生的外汇风险敞口。 第十七条 境外银行类合格投资者可选择下列一种渠道开展即期结售汇和外汇衍生产品交易： （一）作为客户与托管人或境内其他金融机构直接交易。 （二）申请成为中国外汇交易中心（以下简称外汇交易中心）会员直接进入银行间外汇市场交易。 （三）申请成为外汇交易中心会员通过主经纪业务进入银行间外汇市场交易。 第十八条 境外非银行类合格投资者可选择下列一种渠道开展即期结售汇和外汇衍生产品交易： （一）作为客户与托管人或境内其他金融机构直接交易。 （二）申请成为外汇交易中心会员通过主经纪业务进入银行间外汇市场交易。 第十九条 合格投资者开展境内即期结售汇、期货和衍生品等交易，凭业务登记凭证，可根据相应结算规则开立专项用于相关资金境内划转的专用资金账户。合格投资者开展以境内证券为合约标的物的期货或衍生品交易，还应遵守中国人民银行和中国证监会相关管理规定。 第二十条 合格投资者选择第十七条第一项、第十八条第一项规定的方式开展即期结售汇和外汇衍生产品交易的，应自行或通过托管人将金融机构名单向外汇交易中心备案；调整金融机构的，应向外汇交易中心备案。 第二十一条 合格投资者开展外汇衍生产品交易，应遵照以下规定： （一）外汇衍生产品敞口与外汇风险敞口具有合理的相关度。外汇风险敞口为境内证券期货投资对应的人民币资产规模。 （二）当证券期货投资发生变化而导致外汇风险敞口变化时，应及时对相应持有的外汇衍生产品敞口进行调整。 （三）根据外汇风险管理的实际需要，可灵活选择展期、反向平仓、全额或差额结算等交易机制，并以人民币或外币结算损益。 （四）首次开展外汇衍生产品交易前，合格投资者应向境内金融机构或外汇交易中心提交遵守套期保值原则的书面承诺。 第二十二条 合格投资者因机构解散、进入破产程序、由接管人接管或自身原因等导致中国证监会注销其业务许可证的，应在变现资产并关闭合格投资者专用账户后30个工作日内通过主报告人办理注销登记。 第四章 统计与监督管理 第二十三条 托管人在为合格投资者办理资金汇出汇入时，应对相应的资金收付进行真实性与合规性审查，并切实履行反洗钱和反恐怖融资等义务。合格投资者应配合托管人履行以上义务，并向托管人提供真实完整的资料和信息。 第二十四条 托管人、相关境内金融机构等应按照《人民币银行结算账户管理办法》（中国人民银行令〔2003〕第5号发布）、《人民币跨境收付信息管理系统管理办法》（银发〔2017〕126号文印发）、《中国人民银行办公厅关于完善人民币跨境收付信息管理系统银行间业务数据报送流程的通知》（银办发〔2017〕118号）等相关规定，报送合格投资者相关信息数据。 第二十五条 合格投资者、托管人、相关境内金融机构等应按照《通过银行进行国际收支统计申报业务实施细则》（汇发〔2022〕22号文印发）、《通过银行进行国际收支统计申报业务指引（2023年版）》（汇发〔2023〕10号文印发）、《对外金融资产负债及交易统计制度》（汇发〔2021〕36号文印发）、《金融机构外汇业务数据采集规范（1.3版）》（汇发〔2022〕13号文印发）等相关规定，报送相关信息数据。 第二十六条 境内金融机构为合格投资者办理即期结售汇和外汇衍生产品业务，应履行以下统计义务： （一）依照本规定第十七条第一项、第十八条第一项规定的方式为合格投资者办理即期结售汇和外汇衍生产品业务的，应按照《银行结售汇统计制度》（汇发〔2019〕26号文印发），作为对客户即期结售汇业务和外汇衍生产品业务向国家外汇管理局履行统计和报告义务，并按照外汇交易中心规定每日报送合格投资者即期结售汇和外汇衍生产品交易信息。 （二）依照本规定第十七条第二项、第三项和第十八条第二项规定的方式与合格投资者开展即期交易和外汇衍生产品交易的，应纳入银行间外汇市场交易统计，按照外汇交易中心规定报送有关交易信息，无需向国家外汇管理局报送银行结售汇统计数据。 第二十七条 境内金融机构依照本规定第十七条第一项、第十八条第一项规定的方式为合格投资者办理即期结售汇和外汇衍生产品业务的，若使用本机构内部交易系统以外的第三方交易系统、平台或设施，应符合有关监管规定。 第二十八条 合格投资者、托管人、相关境内金融机构有以下行为之一的，依据《中华人民共和国中国人民银行法》和《中华人民共和国外汇管理条例》等法律法规予以处罚： （一）未按规定办理业务登记的。 （二）未按规定办理资金结售汇、收付汇或资金汇出汇入的。 （三）未按规定办理账户开立或关闭，或未按规定使用账户的。 （四）未按规定办理外汇衍生产品业务的。 （五）未按规定报告信息和数据，或报告的信息和数据内容不完整、不真实，或提供虚假材料、数据或证明等。 （六）未按规定进行国际收支统计申报及有关结售汇统计报告的。 第五章 附则 第二十九条 合格投资者根据本规定提供的材料应为中文文本。同时具有外文和中文译文的，以中文文本为准。 第三十条 本规定由中国人民银行和国家外汇管理局负责解释。 第三十一条 本规定自2024年8月26日起实施。《境外机构投资者境内证券期货投资资金管理规定》（中国人民银行 国家外汇管理局公告〔2020〕第2号公布）同时废止。其他相关跨境资金管理规定与本规定不一致的，以本规定为准。 2024-07-26/liaoning/2024/0726/2297.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，银联国际有限公司、连通（杭州）技术服务有限公司、万事网联信息技术（北京）有限公司，各全国性中资商业银行： 为便利个人使用境内银行卡跨境交易，完善银行卡外汇业务管理，现就更新境内银行卡在境外使用的商户类别码（MCC）分类管理有关事项通知如下： 一、增补345个商户类别码（见附件），与《国家外汇管理局关于规范银行外币卡管理的通知》（汇发〔2010〕53号，以下简称53号文）附件《境内银行卡在境外使用的商户类别码》共同构成现行有效的商户类别码分类目录。 二、境内银行卡清算机构和发卡金融机构应按照53号文规定，严格落实境内银行卡境外交易分类管理，按照现行有效商户类别码分类目录在业务系统中做好设置，不得授权和清算商户类别码分类目录以外的其他交易。其中，境内银行卡清算机构授权发行的银行卡由境内银行卡清算机构统一在其业务系统内设置；境外银行卡清算机构授权发行的银行卡由各境内发卡金融机构在其业务系统内设置。 三、境内银行卡清算机构调整自身商户类别码，应在调整生效前30天向国家外汇管理局书面报告有关情况。对于境外银行卡清算机构调整商户类别码，由中国银行、中国工商银行、招商银行在调整生效前30天向国家外汇管理局书面报告。国家外汇管理局根据商户类别码调整情况，更新和发布境内银行卡在境外使用的商户类别码分类目录。 以上所称调整商户类别码，是指新增、停用商户类别码，或商户类别码的定义发生变化等。 四、本通知自2024年5月1日起实施。各境内银行卡清算机构和发卡金融机构应按照本通知要求及时完成自身业务系统调整。 国家外汇管理局各省、自治区、直辖市、计划单列市分局接到本通知后，应立即转发辖内地市分局、城市商业银行、农村商业银行、外商独资银行、中外合资银行、外国银行分行、农村合作金融机构、村镇银行。执行中如遇问题，请及时向国家外汇管理局国际收支司反馈。联系电话：010-68402309、68402593。 特此通知。 附件：境内银行卡在境外使用的商户类别码（新增345个） 国家外汇管理局综合司 2024年3月15日 2024-03-22/liaoning/2024/0322/2290.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： 为进一步优化资本项目外汇业务管理，提升跨境投融资便利化水平，精简业务流程，便利机构、个人等主体资本项目外汇业务办理，国家外汇管理局制定了《资本项目外汇业务指引（2024年版）》（见附件），现予印发，请遵照执行。 本通知自2024年5月6日起施行。《国家外汇管理局综合司关于印发〈资本项目外汇业务指引（2020年版）〉的通知》（汇综发〔2020〕89号）同时废止，以往文件所涉资本项目外汇业务操作规定与本通知不符的，以本通知为准。 国家外汇管理局各省、自治区、直辖市、计划单列市分局接到本通知后，应及时转发辖内分局、城市商业银行、农村商业银行、外资银行、农村合作银行。执行中如遇问题，请及时向国家外汇管理局资本项目管理司反馈。 特此通知。 附件：资本项目外汇业务指引(2024年版) 国家外汇管理局 2024年4月3日 2024-04-12/liaoning/2024/0412/2293.html
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为推进辖内跨国公司跨境资金集中运营管理，持续释放政策红利，外汇局云南省分局于12月16日组织辖内11家银行和6家跨国公司召开资金池业务政策传导会。 会上，银行和企业代表就当前资金池运营情况、业务诉求及实际操作中遇到的问题等交流发言。云南省分局对现有资金池政策、高版本资金池试点政策进行宣传解读，逐一解答银行和企业提出的问题，并从事后监管角度提出工作要求。 下一步，云南省分局将持续跟踪评估辖内跨国公司现有资金池政策执行情况，积极做好政策宣传辅导，稳步推进辖内跨国公司跨境资金集中运营管理扩面提质，助力企业提升跨境资金统筹使用效率，为区域经济高质量发展提供有力支撑。 2024-12-19/yunnan/2024/1219/1335.html
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为进一步规范外汇局系统行政复议案件办理工作，保护公民、法人和其他组织的合法权益，根据《中华人民共和国行政复议法》《中华人民共和国行政复议法实施条例》及《中华人民共和国外汇管理条例》等相关法律法规，国家外汇管理局修订了《国家外汇管理局行政复议程序》（见附件），现予公布，自公布之日起施行。 附件：国家外汇管理局行政复议程序 国家外汇管理局 2024年4月18日 2024-04-26/liaoning/2024/0426/2295.html
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附件：现行有效外汇管理主要法规目录（截至2024年6月30日） 2024-07-30/liaoning/2024/0730/2298.html
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The branches of the State Administration of Foreign Exchange (“SAFE”) in all provinces, autonomous regions, municipalities directly under the Central Government, and cities under separate state planning; and all national Chinese-funded banks: In order to thoroughly implement the decisions and deployment made by the CPC Central Committee and the State Council, further facilitate cross-border trade and investment, and effectively enhance the role of foreign exchange administration in serving the real economy, the SAFE has decided to further deepen the reforms of foreign exchange administration, facilitate market entities to handle cross-border trade and investment businesses in compliance with regulations, and promote high-quality development through high-level opening-up. The relevant matters concerned are hereby notified as follows: I. Facilitation of foreign exchange receipts and payments for trade i. Optimizing foreign exchange administration on market procurement trade. When a market entity engaged in market procurement trade that commissions a third party for export declaration handles foreign exchange collection in its name, it shall meet the following conditions: 1. The market entity engaged in market procurement trade has registered on the online platform for market procurement trade established by the local government. The online platform for market procurement trade shall be able to collect information throughout the transaction and export processes and provide detailed export data corresponding to enterprises and individual industrial and commercial households. 2. The bank that handles the foreign exchange collection for the market entity shall connect its system with the online platform for market procurement trade or adopt other necessary technical means such as logging into the webpage of the online platform for market procurement trade to identify the customer’s identity, verify the authenticity of the transaction background, and prevent the reuse of transaction information. ii. Relaxing requirements for the netting settlement of balances in processing trade. When a bank handles the settlement of funds for an enterprise’s counterparty foreign exchange collection and payment for imported materials processing trade, i.e., the netting settlement in export payment and payment for imported materials and parts, the bank shall ensure that the following conditions are met: 1. The enterprise shall purchase materials and parts from an overseas counterparty for processing, and then sell the finished products to the same overseas counterparty. 2. Before the enterprise carries out the foreign exchange collection and payment deduction for the imported materials processing trade, it shall present relevant materials to the bank for explanation, and the bank shall add the “enterprise for counterparty foreign exchange collection and payment deduction on imported materials processing trade” label in the entity identification function of the foreign exchange monitoring system for trade in goods. 3. The enterprises shall reasonably schedule the netting cycle and settle accounts receivable and payable in a timely manner. In principle, netting settlements shall be made no less than once per quarter. The banks shall review the authenticity and reasonableness of businesses in accordance with the principles of business development, handle the foreign exchange collection and payment deduction in imported materials processing trade for enterprises identified as “enterprises for counterparty foreign exchange collection and payment deduction in imported materials processing trade”, and process the declaration of actual receipt and payment data and restored data as required (see Annex 1 for declaration requirements). iii. Improving the collection and payment of cross-border trade funds under entrusted agents. If an agent is unable to handle the collection and payment of foreign exchange for trade in goods due to bankruptcy, frozen bank accounts or other situations, the bank can handle the collection and payment of foreign exchange for trade in goods prudently for the entrusting party after confirming the authenticity and reasonableness of the receipts and payments in accordance with the business development principle, and mark “non-customs declarant + foreign exchange receipt and payment for the entrusting party + XXX (name of the agent)” in the remarks of the foreign-related receipts and payments declaration transaction. iv. Facilitating the settlement of foreign exchange funds for commercial leasing business of domestic institutions. When a domestic institution (hereinafter referred to as the “lessee”) uses its foreign exchange income to pay rent in foreign currency for domestically rented commercial items (including aircraft, ships, and large equipment) to a domestic leasing company (hereinafter referred to as the “lessor”), it shall meet the following conditions: 1. The lessee has a stable source of foreign exchange income in a certain scale; the lessee’s annual rent payment in foreign currency shall in principle be no less than the equivalent of US$100 million, and the expenditure needs shall be reasonable; the lessee has been included on the list of high-quality enterprises in the facilitation of foreign exchange receipts and payments for trade. 2. More than 50% of the lessor’s funds for purchasing the leased property come from its debt in foreign currency, or the lessor has rented the leased property from abroad and needs to pay rent in foreign currency for the leased property. In principle, the foreign currency rental income collected by the lessor shall not be used for foreign exchange settlement (except for the payment of domestic taxes, cancellation, or liquidation), but it can be used to pay oversea rent, pay foreign currency debts, make payments for items rented overseas, or pay other foreign exchange expenses in compliance with the regulations of the SAFE. The banks shall follow the principles of business development and handle foreign currency rent transfer business for domestically rented commercial items after reviewing the authenticity and reasonableness of the business. The lessee shall fill in the commercial lease contract number in the Domestic Remittance Application or other transaction remarks columns and indicate “Payment of Rent in Foreign Currency”; the lessor shall fill in the commercial lease contract number in the transaction remarks column of the Domestic Income Declaration and indicate “Collection of Rent in Foreign Currency.” II. Expansion of facilitation policies for capital accounts v. Promoting the policy on pilots for the facilitation of cross-border financing across China. Technology-based small and medium-sized enterprises (SMEs) shall be included as business entities in the pilot for the facilitation of cross-border financing to further support the technological innovation of SMEs. Qualified high-tech, professional, refined, specific, novel, and technology-based SMEs within the jurisdictions of Tianjin, Shanghai, Jiangsu, Shandong (including Qingdao), Hubei, Guangdong (including Shenzhen), Sichuan, Shaanxi, Beijing, Chongqing, Zhejiang (including Ningbo), Anhui, Hunan and Hainan can independently borrow foreign debts within the equivalent limit of US$10 million. Qualified high-tech, professional, refined, specific, novel and technology-based SMEs in other regions can independently borrow foreign debts up to an equivalent amount of US$5 million (see Annex 2 for implementation details). vi. Relaxing restrictions on the scale of upfront expenses for overseas direct investment (ODI). The restriction that the cumulative remittance of upfront expenses for the overseas direct investment by domestic enterprises shall not exceed the equivalent of US$3 million shall be lifted, while the cumulative remittance shall not exceed 15% of the total proposed investment by China. vii. Facilitating the payment and use of equity transfer funds and funds raised from overseas listings under the category of domestic reinvestment made by foreign direct investment (FDI). The asset realization accounts under the capital account shall be changed into settlement accounts under the capital account (see Annex 3 for the relevant account consolidation plan). Domestic equity transferors (including institutions and individuals) can, when receiving equity transfer consideration funds paid in foreign currency by domestic entities and foreign exchange funds raised by domestic enterprises from overseas listings, directly remit the funds to the settlement accounts under the capital account. The funds in the settlement accounts under the capital account can be settled and used independently. Domestic equity transferors can, when receiving equity transfer consideration funds paid by foreign-invested enterprises with funds in RMB obtained from foreign exchange settlement (i.e. from direct foreign exchange settlement income or RMB funds in the account to be paid for foreign exchange settlement), directly transfer the funds to the RMB accounts of the domestic equity transferors. III. Optimization of foreign exchange administration under the capital account viii. Improving the management of negative lists on the use of capital account revenues. Non-financial enterprises shall follow the principles of authenticity and self-use in the use of their capital funds, foreign exchange income under foreign debts and RMB funds obtained from their foreign exchange settlements, and shall not directly or indirectly use such funds for expenditures prohibited by Chinese laws and regulations; unless otherwise expressly specified, such funds shall not be used directly or indirectly for portfolio investments or other investment and wealth management (except for wealth management products and structured deposits with a risk rating of not higher than Level 2); such funds shall not be used to issue loans to non-affiliated enterprises (except for the scenarios expressly permitted in the business scope and the following four areas -- the Lin-gang Special Area of Shanghai China Pilot Free Trade Zone, Guangzhou, Nansha New Area of the China (Guangdong) Pilot Free Trade Zone, the Yangpu Economic Development Zone of the China (Hainan) Free Trade Port, and the Beilun District of Ningbo in Zhejiang Province).; and such funds shall not be used for purchase of residential properties that are not for self-use (except for enterprises engaged in real estate development or real estate leasing operations). ix. Canceling the approval requirement for opening foreign debt accounts in other regions. Non-financial enterprises with reasonable needs are allowed to open foreign debt accounts at banks in regions outside the jurisdictions of the foreign exchange administration branches where those enterprises were registered. Banks are encouraged to include more high-quality enterprises in the pilot initiatives for the facilitation of capital account income payments. Efforts shall be made to further diversify cross-border investment and financing products and exchange rate risk management products based on the actual needs of enterprises, and optimize business processes. Efforts shall be made to ensure that due diligence of clients is properly done in accordance with the principle of business development. Technological means shall be leveraged to enhance post-hoc monitoring, and more accessible and efficient cross-border fund settlement services for authentic and compliant cross-border investment and financing shall be provided. And any abnormal or suspicious cases shall be reported in a timely manner. All branches shall strengthen in-process and post-hoc supervision, verification, and inspection of the above-mentioned businesses, and guide banks and enterprises to conduct business in compliance with relevant regulations. This Notice shall be implemented from the date of issuance (Item vii shall be implemented from June 3, 2024). If any previous regulations are inconsistent with this Notice, this Notice shall prevail. (i.e. See Annex 4 for specific revised provisions). After receiving this Notice, all provincial (municipal) branches of the SAFE shall promptly forward it to prefecture (city)-level branches, urban commercial banks, rural commercial banks, foreign-funded banks, and rural cooperative banks within their respective jurisdictions. Annexes: 1. Declaration Requirements for the Netting Settlement of Balances in Processing Trade 2. Detailed Implementation Rules for the Facilitation of Cross-border Financing 3. Plan for the Settlement Account Consolidation of Capital Accounts 4. Selected Provisions in Four Normative Documents on Foreign Exchange Administration as Amended by the State Administration of Foreign Exchange (SAFE) The State Administration of Foreign Exchange December 4, 2023 2023-12-08/en/2023/1208/2262.html
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The State Administration of Foreign Exchange (SAFE) has recently issued the Notice of the State Administration of Foreign Exchange on Further Deepening Reforms and Facilitating Cross-border Trade and Investment (Huifa [2023] No. 28, hereinafter referred to as the “Notice”). SAFE Deputy Administrator and Press Spokesperson Wang Chunying answered media questions on relevant contents of the Notice. Q: What is the background for the issuance of the Notice? A: Since the 18th National Congress of the Communist Party of China, the SAFE has placed equal emphasis on development and security , consistently advanced reforms and opening up in the foreign exchange sector, and promoted facilitation of cross-border trade, investment, and financing. In practice, we have noticed that the vigorous development of new business forms and new modes of foreign trade and the increasing diversification of cross-border investment and financing activities have generated new and heightened demands among market participants for facilitation of foreign exchange services. To thoroughly implement the arrangements and demands of the Central Financial Work Conference that “the financial sector shall provide high-quality services for economic and social development”, the SAFE has conducted in-depth research on market appeals, thoroughly summarized previous pilot experience, and systematically reviewed foreign exchange administration policies related to the trade and foreign exchange receipts and payments, cross-border financing for technology-based enterprises, and foreign direct investment. Building upon this groundwork, the SAFE has issued the Notice which includes nine policies and measures to further deepen reforms in foreign exchange administration and promote the facilitation of cross-border trade and investment. Q: What are the policy principles outlined in the Notice? A: The Notice puts forward the following key policy principles. On a macro level, our goal is to strengthen and refine the policy supply in the field of foreign exchange, and enhance comprehensive policy integration. Specifically, we aim to deepen reforms and opening up in the facilitation of transactions related to both the current account and the capital account. Meanwhile, we will continuously enhance the dual management framework of the foreign exchange market, combining macro-prudential measures with micro-regulation. These endeavors will contribute to the construction of a modern financial system with Chinese characteristics. On a micro level, our focus is on actively promoting stability in foreign trade and foreign investment. This involves further streamlining foreign exchange management, shortening procedures of related cross-border businesses, and facilitating market participants in complying with regulations when handling cross-border trade and investment businesses. Through these initiatives, we aim to effectively boost market vitality and better serve the high-quality development of the real economy. Q: What specific measures does the Notice introduce to facilitate cross-border trade? A: The Notice has introduced four measures to facilitate cross-border trade. Firstly, optimizing foreign exchange administration on market procurement trade. The banks can utilize online platforms for market procurement to facilitate foreign exchange receipts and payments for market procurement merchants through various channels. Secondly, relaxing requirements for the netting settlement of balances in processing trade. The banks can handle the settlement of funds for enterprises’ counterparty foreign exchange collection and payment for imported materials processing trade. Thirdly, improving the collection and payment of cross-border trade funds under entrusted agents. When an agent is unable to handle the collection and payment of foreign exchange for trade in goods due to a special circumstance, the bank can handle the collection and payment of foreign exchange for trade in goods for the entrusting party. Fourthly, facilitating the settlements of foreign exchange funds for commercial leasing business of domestic institutions. Domestic institutions meeting the relevant conditions can use their foreign exchange incomes to pay rent for domestically rented commercial items to domestic leasing companies. Q: What is the main objective of optimizing the management of foreign exchange in market procurement trade, as outlined in the Notice? A: The main objective of optimizing the management of foreign exchange in market procurement trade is two-fold. Firstly, we aim to support the innovative development of new business formats such as market procurement and facilitate online foreign exchange receipts and payments for market procurement merchants who rely on third-party customs clearance. Secondly, more banks are encouraged to provide foreign exchange settlement services for market procurement trade. We support banks to flexibly leverage information from online platforms for market procurement trade by aligning with their customers' business needs, their IT infrastructures and other actual situations, provide more convenient foreign exchange receipt and payment services for market procurement merchants, and enhance their fund settlement efficiency. This may also assist the banks in reducing system development costs. Q: The Central Financial Work Conference has underscored the significance of offering financial support for new technologies, new arenas, and emerging markets. What specific implementation measures does the Notice introduce in this regard? A: Based on our research, we have identified that some technology-based enterprises in their initial stages are faced with challenges in obtaining cross-border financing due to limited net assets and other difficulties. To address this issue, the SAFE has been continuously enhancing and refining foreign exchange policy provisions for technology innovation since 2018. We have introduced facilitation policies for cross-border financing, specifically targeting high-tech enterprises and enterprises that use special and sophisticated technologies to produce novel and unique products. These policies allow such enterprises to autonomously borrow foreign debts within specified limits, thereby significantly reducing their financing costs. The Notice has upgraded the policies for facilitating cross-border financing in terms of the scope of eligible entities, pilot regions, and pilot quotas. Firstly, in addition to high-tech enterprises and enterprises that use special and sophisticated technologies to produce novel and unique products, technology-based small and medium-sized enterprises (SMEs) have been included as eligible entities for the pilot program, aiming to support their innovative development. Secondly, the policy coverage has expanded nationwide, extending beyond the previous 17 provinces and cities. Thirdly, the quota for the initial 17 provinces and cities under the facilitation has been raised to US$10 million, and rest regions are provisionally allocated a quota equivalent to USD5 million. These measures aim to facilitate cross-border financing for high-tech companies, enterprises that use special and sophisticated technologies to produce novel and unique products, as well as technology-based SMEs, while also safeguarding against corporate debt risks. Q: Which policies outlined in the Notice are beneficial for foreign-invested enterprises to expand and operate their businesses in China? A: In recent years, the SAFE has consistently streamlined procedures and processes, making it easier for foreign-invested enterprises to conduct business under the capital account. In 2020, a nationwide reform was introduced to facilitate receipts and payments under the capital account. Eligible enterprises were no longer required to provide authenticity certification documents to banks in advance on a per-transaction basis when utilizing capital funds, foreign debt funds, and other capital account receipts for domestic payments. Starting in 2022, pilot programs have been initiated in four areas, i.e. the Lin-gang Special Area of China (Shanghai) Pilot Free Trade Zone, where foreign-invested enterprises are exempted from registration procedures for domestic re-investment activities. To further facilitate the foreign exchange receipts and payments of foreign-invested enterprises, the Notice has clarified that the original asset realization account will be transformed into the settlement account under the capital account, allowing enterprises to freely utilize the funds for foreign exchange settlement. These funds primarily include foreign direct investment, domestic re-investment, funds received by domestic equity transferors from overseas direct investment as consideration for equity transfer, and foreign exchange funds raised by domestic enterprises through overseas listings. Going forward, in accordance with enterprise needs, the SAFE will include more funds into this account in an orderly manner, thereby facilitating the utilization of funds by enterprises. Q: What are the main considerations of the Notice in canceling the approval requirement for opening foreign debt accounts in other regions? A: Streamlining the use of corporate external debt accounts has proven to enhance businesses' efficiency in utilizing cross-border funds. In April 2022, the PBOC and the SAFE jointly issued a Notice on Strengthening Financial Services for COVID-19 Containment and Socio-Economic Development. The notice allows non-financial enterprises to use a single foreign debt account for multiple external debts and supports online applications for foreign debt registration, which further simplifies the management of foreign debt accounts. The implementation of these measures have facilitated the use of foreign debt accounts and received widespread recognition from market participants. Building upon this foundation, the Notice further eliminated the approval requirement for opening accounts for foreign debt in different places. It allows market entities to open foreign debt accounts in banks in different places based on their actual needs, which will facilitate the utilization of foreign debt accounts and reduce “foot-cost” for enterprises. 2023-12-08/en/2023/1208/2260.html
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The State Administration of Foreign Exchange (SAFE) has recently released data on foreign exchange settlement and sales by banks as well as cross-border receipts and payments by non-banking sectors for November 2023. The SAFE Deputy Administrator and Press Spokesperson Wang Chunying answered media questions on the relevant issues. Q: Could you brief us on the changes in China’s foreign exchange receipts and payments for November 2023? A: In November, China’s foreign exchange market remained stable and continued to show signs of improvement, with generally balanced cross-border capital flows. The foreign-related receipts and payments by non-banking sectors, including enterprises and individuals, are in equilibrium, fostering an overall trend of balanced cross-border capital flows. Amid the RMB appreciation, some enterprises exhibited a rational trading pattern by purchasing foreign exchange at lower exchange rates. In the overall, foreign exchange market expectations and transactions remained in a stable and orderly manner. Major channels of cross-border capital flows witnessed heightened stability, with a noteworthy rise in foreign investments directed to the Chinese bond market. Under the current account, the net inflow of cross-border capital in China’s trade in goods remained roughly flat. Expenditures related to cross-border travel and other service trade and profit repatriation by foreign-invested enterprises gradually declined from the seasonal peaks observed in July and August, indicating a shift towards increased stability. Under the capital account, specifically under securities investments, there was an overall recovery in the net inflow of foreign capital. Notably, foreign investors are increasingly and consistently showing a preference for allocating funds to RMB-denominated bonds. Over the past few months, foreign investors have steadily increased their holdings of China’s bonds, reaching a significant milestone in November with a net increase of USD 33 billion - the second-highest value recorded in history. With improvements in both the internal and external environments, China’s foreign exchange market is poised to have a stronger foundation and conditions to sustain stable operations in the future. Internally, China’s economic rebound and its fundamentals for long-term sound growth remain unchanged. This will bolster support for stable cross-border capital flows. Externally, the market anticipates that the Federal Reserve is approaching the conclusion of its interest rate hike cycle. Going forward, there might be a gradual transition to interest rate cuts, potentially resulting in an overall decline in both US dollar interest rates and exchange rates. In general, the favorable conditions supporting China’s economic development outweigh the unfavorable factors, laying a more solid foundation for the stability of the Chinese foreign exchange market. 2023-12-15/en/2023/1215/2259.html