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为深入贯彻落实党中央、国务院决策部署，进一步推进上海国际金融中心建设，加大金融支持上海自贸试验区临港新片区（以下简称临港新片区）建设和长三角一体化发展力度，深化金融供给侧结构性改革，推动金融更高水平开放创新，经国务院同意，现提出以下意见。 一、总体要求 （一）服务实体经济高质量发展。立足于临港新片区功能定位和产业体系，试点更加开放、便利的金融政策，稳步推进人民币国际化，推行绿色金融政策。加快上海国际金融中心建设，推进金融业对外开放，优化金融资源配置，提升金融服务质量和效能。发挥上海国际金融中心的引领辐射作用，完善金融服务长三角一体化发展体制机制，加大金融支持区域协调发展、创新驱动发展等国家重大战略的力度。 （二）深化金融体制机制改革。以制度创新为重点，增强金融创新活力，探索更加灵活的金融政策体系、监管模式和管理体制。健全金融法治环境，全面实行准入前国民待遇加负面清单管理制度，对内外资金融机构适用同等监管要求，对接国际高标准规则，推动金融业高水平开放。 （三）防范系统性金融风险。在依法合规、风险可控、商业自愿前提下，稳妥有序推进各项金融开放创新措施，部分措施可在临港新片区先行试点。建立健全金融监管协调机制，完善金融风险防控体系，加强金融科技在监管领域的应用，牢牢守住不发生系统性金融风险的底线。 二、积极推进临港新片区金融先行先试 （一）支持临港新片区发展具有国际竞争力的重点产业。 1.试点符合条件的商业银行理财子公司，按照商业自愿原则在上海设立专业子公司，投资临港新片区和长三角的重点建设项目股权和未上市企业股权。鼓励保险机构依法合规投资科创类投资基金或直接投资于临港新片区内科创企业。 2.支持符合条件的商业银行按照商业自愿原则在上海设立金融资产投资公司，试点符合条件的金融资产投资公司在上海设立专业投资子公司，参与开展与临港新片区建设以及长三角经济结构调整、产业优化升级和协调发展相关的企业重组、股权投资、直接投资等业务。 3.鼓励金融机构按照市场化原则为临港新片区内高新技术产业、航运业等重点领域发展提供长期信贷资金，支持区内重大科技创新及研发项目。鼓励金融机构在“展业三原则”基础上，为区内企业开展新型国际贸易提供高效便利金融服务，支持新型国际贸易发展。 4.支持金融机构和大型科技企业在区内依法设立金融科技公司，积极稳妥探索人工智能、大数据、云计算、区块链等新技术在金融领域应用，重视金融科技人才培养。 （二）促进投资贸易自由化便利化。 5.对于符合条件的临港新片区优质企业，区内银行可在“展业三原则”基础上，凭企业收付款指令直接办理跨境贸易人民币结算业务，直接办理外商直接投资、跨境融资和境外上市等业务下的跨境人民币收入在境内支付使用。 6.在临港新片区内探索取消外商直接投资人民币资本金专用账户，探索开展本外币合一跨境资金池试点。支持符合条件的跨国企业集团在境内外成员之间集中开展本外币资金余缺调剂和归集业务，资金按实需兑换，对跨境资金流动实行双向宏观审慎管理。探索外汇管理转型升级。 7.在临港新片区内试点开展境内贸易融资资产跨境转让业务。研究推动依托上海票据交易所及相关数字科技研发支持机构建立平台，办理贸易融资资产跨境转让业务，促进人民币跨境贸易融资业务发展。 三、在更高水平上加快上海金融业对外开放 （一）扩大金融业高水平开放。 8.在依法合规、商业自愿的前提下，支持符合条件的商业银行在上海设立理财子公司，试点外资机构与大型银行在上海合资设立理财公司，支持商业银行和银行理财子公司选择符合条件的、注册地在上海的资产管理机构作为理财投资合作机构。 9.支持外资机构设立或控股证券经营机构、基金管理公司在上海落地。推进人身险外资股比限制从51%提高至100%在上海率先落地。 10.对境外金融机构在上海投资设立、参股养老金管理公司的申请，成熟一家、批准一家。鼓励保险资产管理公司在上海设立专业资产管理子公司。试点保险资产管理公司参股境外资产管理机构等在上海设立的理财公司。探索保险资金依托上海相关交易所试点投资黄金、石油等大宗商品。 11.支持符合条件的非金融企业集团在上海设立金融控股公司。鼓励跨国公司在上海设立全球或区域资金管理中心等总部型机构。跨国公司在上海设立的资金管理中心，经批准可进入银行间外汇市场交易。允许在上海自贸试验区注册的融资租赁母公司和子公司共享外债额度。 （二）促进人民币金融资产配置和风险管理中心建设。 12.继续扩大债券市场对外开放，进一步便利境外投资者备案入市，丰富境外投资者类型和数量。逐步推动境内结算代理行向托管行转型，为境外投资者进入银行间债券市场提供多元化服务。 13.发展人民币利率、外汇衍生产品市场，研究推出人民币利率期权，进一步丰富外汇期权等产品类型。 14.优化境外机构金融投资项下汇率风险管理，便利境外机构因投资境内债券市场产生的头寸进入银行间外汇市场平盘。 15.研究提升上海国际金融中心与国际金融市场法律制度对接效率，允许境外机构自主选择签署中国银行间市场交易商协会（NAFMII）、中国证券期货市场（SAC）或国际掉期与衍生工具协会（ISDA）衍生品主协议。 （三）建设与国际接轨的优质金融营商环境。 16.支持上海加快推进金融法治建设，加快建成与国际接轨的金融规则体系，加大对违法金融活动的惩罚力度，鼓励开展金融科技创新试点。 17.切实推动“放管服”改革，全面清理上海市不利于民营企业发展的各类文件，定向拆除市场准入“隐形门”。多措并举，孵育公平竞争的市场环境。 18.研究推动上海金融法院和上海破产法庭顺应金融市场发展趋势，参照国际高标准实践，加强能力建设，提高案件专业化审理水平，增强案件审判的国际公信力和影响力。 四、金融支持长三角一体化发展 （一）推动金融机构跨区域协作。 19.提升长三角跨省（市）移动支付服务水平，推动长三角公共服务领域支付依法合规实现互联互通。 20.积极推动长三角法人银行全部接入合法资质清算机构的个人银行账户开户专用验证通道，对绑定账户信息提供互相验证服务。 21.强化长三角银行业金融机构在项目规划、项目评审评级、授信额度核定、还款安排、信贷管理及风险化解等方面的合作协调，探索建立长三角跨省（市）联合授信机制，推动信贷资源流动。支持商业银行为长三角企业提供并购贷款。在现行政策框架下，支持金融机构运用再贷款、再贴现资金，扩大对长三角“三农”、从事污染防治的企业、科创类企业、高端制造业企业、小微企业和民营企业等信贷投放。 （二）提升金融配套服务水平。 22.推动G60科创走廊相关机构在银行间债券市场、交易所债券市场发行创业投资基金类债券、双创债务融资工具、双创金融债券和创新创业公司债。 23.积极支持符合条件的科创企业上市融资，鼓励各类知识产权服务与评估机构积极开发构建专利价值评估模型或工具，促进知识产权交易和流转。研究支持为外国投资者直接参与科创板发行和交易提供便利汇兑服务。 24.探索建立一体化、市场化的长三角征信体系，向社会提供专业化征信服务。依托全国信用信息共享平台，进一步完善跨区域信用信息共享机制，加大信息归集共享和开发利用力度，服务小微企业信用融资。支持人民银行征信中心实现长三角企业和个人借贷信息全覆盖。开展长三角征信机构监管合作，试点建设长三角征信机构非现场监管平台。 25.推动长三角绿色金融服务平台一体化建设。在长三角推广应用绿色金融信息管理系统，推动区域环境权益交易市场互联互通，加快建立长三角绿色项目库。 （三）建立健全长三角金融政策协调和信息共享机制。 26.建立适用于长三角统一的金融稳定评估系统，编制金融稳定指数，建立金融稳定信息共享合作机制，搭建金融风险信息共享平台，建立反洗钱信息交流机制，强化数据保护与管理，加强金融消费纠纷非诉解决机制（ADR）合作。 27.推动长三角金融统计信息共享，研究集中统筹的监测分析框架，提升经济金融分析的前瞻性。 28.促进长三角普惠金融经验交流，构建普惠金融指标体系，联合撰写普惠金融指标分析报告。 五、保障措施 29.支持人民银行上海总部组织开展加强支付结算监管能力的试点，推动人民银行征信系统同城双活灾备中心在上海建设落地。研究推动在上海设立中国金融市场交易报告库，集中整合各金融市场的交易信息，提升监测水平，与雄安新区相关建设进行有效衔接。 30.目前已出台及今后出台的在自贸试验区适用的金融政策，国家金融管理部门出台的各项金融支持贸易和投资自由化便利化的政策措施，适用于上海实际的，可优先考虑在上海试点。人民银行上海总部会同上海银保监局等单位根据本意见制定实施细则，并报上级部门备案。 中国人民银行 中国银行保险监督管理委员会 中国证券监督管理委员会 国家外汇管理局 上海市人民政府 2020年2月14日 2020-02-14/safe/2020/0214/15402.html
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日前，国家外汇管理局公布了2019年四季度及全年国际收支平衡表初步数据。国家外汇管理局新闻发言人、总经济师王春英就相关问题回答了记者提问。 问：2019年我国国际收支状况有何特点？ 答：我国国际收支平衡表初步数据显示，2019年，我国国际收支保持基本平衡，经常账户呈现顺差，跨境资金流动平稳。 一是经常账户呈现顺差，其中货物贸易顺差增长，服务贸易逆差缩小。2019年，经常账户顺差1775亿美元，与国内生产总值（GDP）之比为1.2%；2018年为顺差491亿美元，与GDP之比为0.4%。其中，国际收支口径的货物贸易顺差4628亿美元，较2018年增长17%；服务贸易逆差2614亿美元，较2018年下降11%。服务贸易项下，旅行、运输和知识产权使用费逆差分别较2018年下降8%、12%和8%。 二是直接投资保持净流入。2019年，直接投资净流入591亿美元。其中，对外直接投资净流出976亿美元；外国来华直接投资净流入1567亿美元，保持在较高规模。 三是证券投资呈现顺差。据初步统计，2019年，我国证券投资顺差约600亿美元。其中，我国对外证券投资近900亿美元，来华证券投资近1500亿美元。 总体来看，中国经济拥有足够的韧性和巨大的发展潜力，长期向好发展、高质量增长的趋势不会改变，全方位对外开放将持续推进，预计未来我国国际收支仍将继续呈现总体稳定、基本平衡的格局。 2020-02-17/beijing/2020/0217/1179.html
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为贯彻落实党中央、国务院关于大力发展“互联网+政务服务”决策部署，提升外汇管理政务服务规范化便利化水平，提供更加高效便捷的行政许可办理服务，国家外汇管理局政务服务网上办理系统于2019年6月28日起上线试运行。 一、访问路径 登录国家外汇管理局“数字外管”平台http://zwfw.safe.gov.cn/asone，访问国家外汇管理局政务服务网上办理系统。 二、服务内容 提供外汇管理行政许可项目名称、设定依据、受理条件、申报材料等信息，可在线查询行政许可办理进度和办理结果。提供部分外汇管理行政许可项目的在线申请功能。提供外汇管理行政许可项目材料是否完备在线预审功能。 三、意见收集 试运行期间，欢迎您在使用国家外汇管理局政务服务网上办理系统的过程中提出宝贵建议。相关意见建议请发送到邮箱：xzspxm@mail.safe.gov.cn。 国家外汇管理局 2019年6月28日 2019-07-02/guizhou/2019/0702/303.html
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见附件。 附件1:各种货币对美元折算率（2019年8月30日） 2019-09-03/guizhou/2019/0903/334.html
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见附件。 附件1:各种货币对美元折算率（2019年6月28日） 2019-07-04/guizhou/2019/0704/304.html
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见附件。 附件1:各种货币对美元折算率（2019年5月31日） 2019-06-03/guizhou/2019/0624/286.html
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各种货币对美元折算率（2020年1月23日） 2020-02-13/guizhou/2020/0213/423.html
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见附件。 附件1:各种货币对美元折算率（2019年7月31日） 2019-08-02/guizhou/2019/0802/313.html
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Wang Chunying, press spokesperson, chief economist and director of the Department of Balance of Payments of the State Administration of Foreign Exchange (SAFE) attended a State Council Policy Briefing held by the State Council Information Office, clarified the policies for optimizing foreign exchange administration initiatives and improving cross-border trade and investment facilitation and answered relevant media questions. The briefing started at 4pm on Friday, October 25, 2019. Xi Yanchun: Ladies and gentlemen, good afternoon! Welcome to the State Council's policy briefing. The recent State Council executive meeting proposed 12 initiatives on optimizing foreign exchange administration and improving cross-border trade and investment facilitation. To help you better understand the initiatives, we are pleased to have with us here Ms. Wang Chunying, press spokesperson, chief economist and director of the Department of Balance of Payments of the SAFE. She will clarify relevant policies and take your questions. First, let's welcome Ms. Wang for some opening remarks. 2019-10-25 16:01:34 Wang Chunying: Friends from the press, good afternoon. Welcome to today's policy briefing. First, allow me to thank you for your enduring attention and support for foreign exchange administration. On October 23, 2019, the State Council executive meeting reviewed and adopted the policies for optimizing foreign exchange administration and improving cross-border trade and investment facilitation, and relevant documents can be found on the SAFE's official website. For a start, I'd like to give you a brief introduction of the policies. Guided by the strategic arrangements made at the 19th CPC National Congress to promote comprehensive opening up and high-level trade and investment liberalization and facilitation and Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, the SAFE has proactively boosted the financial supply-side structural reform to serve the high-level opening up. In the year to date, the SAFE has introduced a series of initiatives to optimize the business environment and serve the growth of the real economy, such as deepening the reform of centralized funds operations and management by MNCs, piloting the facilitation of foreign exchange receipts and payments under the capital account, removing the limits on investment quotas for QFIIs and RQFIIs, and piloting the facilitation of foreign exchange receipts and payments under trade in goods. Twelve initiatives on foreign exchange administration for boosting cross-border trade and investment facilitation were deliberated and adopted at the State Council executive meeting, including six for cross-border trade facilitation and another six for cross-border investment and financing facilitation. I. Cross-border trade facilitation initiatives First, expanding piloting for the facilitation of foreign exchange receipts and payments under trade. When processing foreign exchange receipts and payments under trade in services and trade in goods for creditworthy companies, qualified banks can optimize their processes at their discretion. The SAFE started a pilot program for this in the Guangdong-Hong Kong-Macao Greater Bay Area, Shanghai and Zhejiang at the beginning of 2019. According to pilot banks, the program can cut more than 50% off the time for document preparation and review. This time, the pilot program will be rolled out to other eligible regions with the scope expanded to include trade in services. Second, simplifying receipt and payment procedures under trade in goods for micro and small cross-border ecommerce players. Micro and small cross-border ecommerce players whose annual size of trade in goods is below USD 200,000 can be waived of registering in the directory of enterprises with foreign exchange receipts and payments under trade. This initiative is expected to benefit more than 95% cross-border ecommerce corporate customers of payment institutions. But the SAFE and banks will use scientific and technological means to verify the authenticity of foreign exchange receipts and payments under trade in goods, for the purpose of tightened ongoing and ex-post management. Third, optimizing reporting of foreign exchange service under trade in goods. Companies will no longer be required to report to foreign exchange authorities their imports and exports in the early period and corresponding foreign exchange receipts and payments. Special business like trade credit will all be reported online. Fourth, allowing discretion to open accounts pending verification for export revenues. Companies can open an account pending verification for export revenues at their discretion and recognize export revenues into foreign exchange account in simplified procedures or settle the revenues directly. Fifth, facilitating the directory registration of branches and sub-branches. Branches that need to settle foreign exchange under trade can register in the directory of enterprises involved in foreign exchange receipts and payments under trade as legal persons do. Sixth, allowing centralized management of offshore funds by engineering contractors. Engineering contractors can centralize the management of offshore funds for different engineering projects to put idle- offshore funds to work and support diversified market expansion. II. Cross-border investment and financing facilitation First, allowing non-investment-oriented foreign investors to make equity investment in China with their capital in compliance with laws. Non-investment-oriented foreign investors, or foreign investors excluding foreign investment companies, foreign venture capital investment companies and foreign equity investment companies will be allowed to make equity investment in China with their capital in compliance with laws, including setting up new subsidiaries or merging other domestic players with their capital, provided that they follow the negative list approach to market access for foreign investors and the state's macro control policies. Second, expanding piloting for the facilitation of receipts and payments under the capital account. Any pilot company can make payments in China using receipts under the capital account like capital, external debt and overseas IPO funding without presenting in advance the authenticity supporting materials on a transaction-by-transaction basis to the pilot bank, who will process following the prudential regulation principle. A pilot program has been carried out in 12 pilot free trade zones including Shanghai and Tianjin. This time, the pilot program will be expanded to include six pilot free trade zones newly established in 2019 and the whole city of Shanghai. Third, facilitating settlement and use of some foreign exchange funds under the capital account. While transferring their shares to foreign investors, domestic institutions or individuals can go through the procedures for foreign exchange settlement of the consideration for the transfer with banks, without presenting the supporting materials for the use of funds. When hitting the bid or closing a deal, the foreign investors can use the margins thus remitted for legal domestic investment contributions, payment of considerations or foreign exchange settlement, with no need to transfer the margins back. Fourth, reforming the external debt registration mechanism. External debt write-offs can be registered with banks directly, rather than foreign exchange authorities, and the one-month time limit will be removed. The transaction-by-transaction registration for external debt of non-financial enterprises will be removed first in the Greater Bay Area and Hainan, and companies in these pilot regions can register with local foreign exchange authorities in a one-off manner, and borrow, use and repay external debt, provided that the debt is less than two times the net assets. Fifth, removing restrictions on the number of foreign exchange accounts opened under the capital account. Companies can open more than one foreign exchange account under the capital account to meet their fund management needs, provided that they follow the prudential regulation requirements. Sixth, expanding piloting for the transfers of domestic credit assets. Guided by the principles of risk controllability and prudent management, a pilot program will be carried out in the Greater Bay Area and Hainan to expand the scope of credit assets that can be transferred outside China from banks' non-performing loans to trade finance. Now I'd like to take your questions. 2019-10-25 16:07:25 Xi Yanchun: Thank you, Ms. Wang. Let's move on to the Q&A session, but remember to tell us your agency before raising your questions. CCTV: I am wondering what are your considerations behind the foreign exchange policy for optimizing cross-border trade and investment facilitation at this point of time? What would you say about the significance of this reform? Thank you. 2019-10-25 16:17:54 Wang Chunying: Thank you for your question. I'd like to answer from the following perspective. Foreign trade and investment has drawn deep concern from the CPC Central Committee and the State Council. Secretary-general Xi Jinping has stressed many times that "Six Stables" including stable foreign trade and stable foreign investment should be ensured to boost trade and investment facilitation and maintain sustainable and healthy economic growth. Premier Li Keqiang has made it clear that efforts should be stepped up to achieve comprehensive opening up, attract foreign investments and propel steady improvement in foreign trade. It has been clearly stated in this year's report on the work of the government that comprehensive opening up should be encouraged to boost trade and investment liberalization and facilitation. Leaders of the State Council including Han Zheng, Hu Chunhua, Liu He and Xiao Jie have also given similar instructions. Following the decisions and arrangements of the CPC Central Committee and the State Council, the SAFE introduces 12 initiatives for the facilitation of cross-border trade and investment after thorough surveys and initial piloting, with a view to strengthening the capabilities of foreign exchange administration to serve the real economy and boost trade and investment facilitation and high-quality economic growth. This reform is purposed to deepen the reform of "combining power delegation with regulation & optimizing services" and the financial supply-side structural reform through optimizing foreign exchange administration and simplifying processes. This reform will expand the channels where the funds can be used, support domestic players to expand foreign trade and investment and improve cross-border trade and investment facilitation. Moreover, it will also reduce burdens on players, revitalize the market and yield policy dividends. In the global business environment ranking released by the World Bank yesterday, China climbed up by 15 spots to No. 31. The aforementioned facilitation initiatives will create a better business environment for domestic players and foreign investors to start businesses and make innovations. This is what we consider in introducing the initiatives and what they mean for us. Thank you. 2019-10-25 16:18:19 Economic Daily: How would this reform facilitate and support foreign trading companies amid external challenges? Thank you. Wang Chunying: To answer your question, let's look at the 12 initiatives first. With six directly about trade, these 12 initiatives are launched to increase facilitation and reduce costs for foreign trade companies. Facing the complex external environment, the SAFE has deepened the reform of "combining power delegation with regulation & optimizing services" and the financial supply-side structural reform in accordance with the decisions and arrangements of the CPC Central Committee and the State Council, in a bid to help companies to save costs, increase the utilization efficiency of foreign exchange and support the growth of foreign trade companies. This reform will empower banks and foreign trade companies to a larger extent. The aforementioned policy adjustments, whether expanding piloting for the facilitation of foreign exchange receipts and payments under trade, or simplifying procedures for micro and small cross-border ecommerce players to handle receipts and payments under trade, or optimizing business reporting, are intended to give banks and companies more autonomy, in order to communicate a philosophy of more facilitation for companies with integrity, more convenience for micro and small enterprises, greater easiness for business reporting, more discretion for account use, more clarity of registration procedures and higher efficiency of fund use. I would here make an explanation or give you an overview. For example, when summarizing the outcomes of initial pilot for foreign exchange receipts and payments facilitation under trade in goods, pilot companies say that with substantial increase in the efficiency of foreign exchange receipts and payments, document preparation has been accelerated and labor costs have dropped. In the education program to promote that we should remain true to our original aspiration and keep our mission firmly in mind, we sought ideas from a wealth of companies, and more companies voiced their desire to join the pilot program. All this has motivated us to push ahead with this reform. While offering greater facilitation and helping save costs, these policy adjustments are designed to empower banks and foreign trade companies. In the meanwhile, we have implemented the decisions and arrangements of the CPC Central Committee and the State Council, such as deepening the reform of "combining power delegation with regulation & optimizing services" and the financial supply-side structural reform, ensuring "Six Stables" including stable foreign trade and stable foreign investment, and improving the business environment. We are also considering deepening the education program to promote that we should remain true to our original aspiration and keep our mission firmly in mind. I hope this could bring greater clarity to you. Thank you. 2019-10-25 16:37:49 China News Service: You said that piloting for the facilitation of foreign exchange receipts and payments under the capital account will be expanded based on the initial piloting. Could you brief us on the initial piloting and its impact? Thank you. 2019-10-25 16:38:11 Wang Chunying: Thank you for your question. Let me introduce the initial piloting first. According to existing regulations for foreign exchange administration, a company needs to present the authenticity supporting materials on a transaction-by-transaction basis for the bank to review the authenticity and compliance of transactions before handling the receipts and payments under the capital account (chiefly capital, external debt and overseas listing revenues). To implement the reform of "combining power delegation with regulation & optimizing services" and better serve the real economy, the SAFE has launched a pilot program for the facilitation of receipts and payments under the capital account since 2017. The highlight of the pilot program is as follows: pilot companies can make domestic payments using receipts under the capital account (including the RMB obtained from foreign exchange settlement) based on the payment orders, without the need for transaction-by-transaction reviews of transaction documents by banks. Up till now, this program has been carried out in 12 pilot free trade zones including Shanghai and Tianjin, as well as Fujian, Zhejiang, Jiangsu, Shenzhen and Ningbo. The pilot program has delivered positive results and been widely acclaimed by banks, enterprises and institutions since its launch. On the one hand, the program does have increased the facilitation of foreign exchange funds utilization by companies. As pointed out by a well-known accounting firm in the system innovation assessment of China (Zhejiang) Pilot Free Trade Zone in two years since its launch, this pilot program is one of the most highly-appraised initiatives of the five innovation achievements in deepening financial liberalization and one of the top 70 highly valuable innovative initiatives of the pilot free trade zone. On the other hand, this program has implemented the requirements of the CPC Central Committee to maintain stable foreign investments, met market players' rising demand for policy support and improved the business environment. Next, the scope of the facilitation piloting will be expanded to include six pilot free trade zones established in 2019 and the whole city of Shanghai. The SAFE will summarize its learnings to further roll out the pilot program to special economic regions with such demand and regions with flourishing foreign-related economies, and then to the entire country at a proper time. Hope this could shed some light on you. Thank you. 2019-10-25 16:38:30 Hong Kong Commercial Broadcasting: Could you kindly unveil the characteristics of foreign exchange receipts and payments in September? What will be the next steps? Thank you. 2019-10-25 16:53:10 Wang Chunying: We have elaborated on the situations at the SAFE's press conference on foreign exchange receipts and payments data just now, and the data are now available on our website. To find out relevant information, you can visit our website. For further questions, you can contact our news unit. 2019-10-25 16:53:30 Xi Yanchun: As the press conference started at 1:30 pm, relevant information has been released online, and you may have missed it on your way to this conference. You can view it when this conference is over. For further questions, we would be glad to help you. 2019-10-25 16:53:54 China Radio International of China Media Group We notice that among the cross-border investment and financing facilitation initiatives, one is about allowing non-investment-oriented foreign investors to make equity investment in China. Could you clarify this initiative in more detail? Thank you. 2019-10-25 16:54:25 One of our policies is to remove restrictions on equity investment by non-investment-oriented foreign investors with their capital in China. I suppose this is what you want to know. Let me brief you on the situation before the reform first and then we can make a comparison to find out changes after the reform. Prior to the reform, investment-oriented foreign investors could make equity investment with their capital in compliance with laws and regulations. What is an investment-oriented foreign investor? It refers to foreign investment company, foreign venture capital investment company and foreign equity investment company. Before this reform, these investment-oriented foreign investors were all eligible for making equity investment with their capital in compliance with laws and regulations and could reinvest in China with the legal profits obtained therein. Starting from 2015, the SAFE has canceled verification of reinvestment by foreign investors with profits obtained. If "investment" is included in the business scope of a non-investment-oriented foreign investor, the investor would be allowed to make equity investment in China through transfers of original currency or foreign exchange settlement. But if not, the investor would be banned from making equity investment in China. After the reform, no matter whether "investment" is included in the business scope or not, non-investment-oriented foreign investors could make equity investments in China in compliance with laws by using their capital in the original foreign currency or through foreign exchange settlement, provided that they comply with the existing special management measures on market access for foreign investors and the projects they intend to invest in in China are authentic and comply with regulations. In other words, since the introduction of this policy, all types of foreign investors can make equity investment with their capital, provided that they comply with the special management measures on market access for foreign investors and the projects they intend to invest in in China are authentic and comply with regulations. We have evaluated the effect of this policy. Of over 370,000 registered foreign-invested enterprises in China, less than 3,000 are investment-oriented, and more than 99% are non-investment-oriented, so this initiative could be of wide benefit. We believe it will significantly facilitate the use of capital and equity investment by non-investment-oriented foreign investors, especially when they invest in upstream and downstream enterprises along the industry chain. Hope this will be of some help to you. Thank you. 2019-10-25 16:55:06 South China Morning Post: My question is about the RMB capital account. Is there a schedule for full liberalization of the RMB capital account? It was previously expected that the RMB capital account would become convertible in 2020. Is it still possible? In the latest trade talks between China and the US, it is said that substantive progress has been achieved in exchange rate. Could you brief us on what consensus has been achieved? Thank you. 2019-10-25 16:58:24 Xi Yanchun: This seems a bit far from today's theme. 2019-10-25 16:58:38 Wang Chunying: And you raise two questions. As for China-US trade talks, you say that the exchange rate issue is covered in the talks. We learn that in the new round of high-level China-US trade talks, guided by the consensus between the two heads of state, the two sides had candid, efficient and constructive discussions on the economic and trade issues they both concern, with topics covering agriculture, IP protection, foreign exchange rate, financial service, expansion of trade cooperation, technology transfer and dispute settlement, in which substantial progress has been achieved. As for the RMB exchange rate, we will maintain the managed floating rate system based on market supply and demand and adjusted against a basket of currencies, so as to stabilize the RMB exchange rate at a reasonable and balanced level. This is what I want to say about the RMB exchange rate. Second, there is no schedule for the capital account liberalization, as far as I know. In other words, this is an ongoing process, where we will constantly promote the liberalization and facilitation of cross-border trade and investment to stably drive the capital account liberalization. The major considerations would be coordinating the growth stage of the economy, the situation of financial markets and the requirements for financial stability, and coordinating transactions and exchanges to press ahead with the capital account liberalization in an orderly manner and improve the facilitation of convertible items, with a focus on two-way liberalization of financial markets. We will properly expand the pilot program for foreign exchange sales and settlement by securities companies to increase the number of participants in foreign exchange markets, diversify trading products and further improve foreign exchange markets in depth, width and activeness. Second, we will support the healthy development of the STAR market, encouraging foreign investors to participate in the STAR market and ensure cross-border funds management for GDR under Shanghai-London Stock Connect. Third, we will standardize the management of domestic issuance of bonds by foreign institutions, and improve management approaches to systematically press ahead with the opening of domestic bond markets. Further, I should say that we will improve the two-in-one management framework that combines macro-prudential and micro regulation of cross-border capital flows. For macro-prudential regulation, we will tighten the monitoring early warning and response mechanism and diversify our toolkits. We will adjust market ups and downs against business cycles in an open, transparent and market-based manner. For micro regulation, we will strive to ensure the cross-cycle stability, consistency and foreseeability of policies while cracking down on false and fraudulent foreign exchange transactions. The liberalization of the capital account, I would say, is always on the road. Thank you. 2019-10-25 16:58:51 China Daily: Director Wang, you say that the SAFE will reform the registration mechanism for external debt. Could you provide more details? How will these initiatives facilitate companies? Thank you. 2019-10-25 17:08:04 Wang Chunying: The reform on external debt is chiefly about simplifying the procedures of borrowing. According to our announcements and what I said just now, this initiative covers two aspects: first, companies will register write-offs of external debt with banks directly, rather than with the foreign exchange authorities; second, removal of transaction-by-transaction registration will be piloted. They are different as one is about write-off registration, and the other is about player registration for borrowing, use and repayment. First, the external debt write-off registration reform. Companies should register write-offs of external debt with local foreign exchange authorities within one month since each debt is serviced, as per existing regulations. After this reform, this can be done directly with banks, with no one-month limit. This initiative was piloted in Guangdong, Fujian and Zhongguancun, Beijing at the end of 2018 and proved hugely beneficial. In Guangdong, for example, more than 500 write-offs involving over USD 10 billion in external debt have been registered with banks in the year to date, saving nearly 50,000km in mileage to and from the foreign exchange authorities. This is just one case of the pilot program. In the initial piloting, we found this could greatly facilitate companies and save plenty of travel costs, and therefore, this initiative is now rolled out across the board. Second, piloting of removing transaction-by-transaction registration for external debt. In 2016, the People's Bank of China and the SAFE introduced a national full-scale macro-prudential management policy for cross-border financing and canceled ex-ante approval for external debt made by companies and financial institutions. Within the upper limit for the risk-weighted balance of cross-border financing, which are two times the net assets, companies were allowed to borrow external debt on their own but needed to go through transaction-by-transaction registration with local foreign exchange authorities. In March 2019, the SAFE adopted the one-time external debt registration policy for the simplification of external debt management under centralized cross-border funds operations by MNCs, which was widely acclaimed by companies and banks. This time we plan to continue to adopt this policy for centralized cross-border funds operations by MNCs, and also carry out a pilot program in the Greater Bay Area and Hainan, allowing non-financial companies to do so. Within the registered amount, they can borrow, use and repay external debt, with inward/outward remittances and foreign exchange settlements and purchases handled with banks directly. Overall, I believe this reformative measure will further cut the cross-border financing costs. Thank you. 2019-10-25 17:08:55 ET Net: Could you share with us the considerations behind choosing the Greater Bay Area and Hainan as pilots for the removal of external debt registration and transfers of offshore credit assets? Thank you. 2019-10-25 17:17:39 Wang Chunying: We actually choose these regions as pilots for boosting cross-border trade and investment facilitation. These pilot regions, whether for cross-border trade or investment facilitation, can help to offer facilitation relevant to Hong Kong. The pilot policy for the Greater Bay Area is a case in point. In my view, the pilot policy shows our attention to the significance of the Greater Bay Area including Hong Kong across the board. Of the 12 initiatives, some have been piloted in the Greater Bay Area, such as the facilitation of foreign exchange receipts and payments under trade in goods, and some are to be piloted in the area, like removing the transaction-by-transaction external debt registration for non-financial companies. In our opinion, the Greater Bay Area, a developed export-oriented region, is frequently involved in international communications, quick to make innovations and home to some emerging modern industries, and piloting cross-border trade and investment facilitation here can unlock the area's advantages in all respects, strengthen its roles in shoring up and leading the national economic growth and opening up, and allow it to better serve the key strategic arrangements of the state. The same holds true for Hainan, a region that draws considerable attention from the CPC Central Committee and the State Council. This is why we think we should follow decisions and arrangements of the CPC Central Committee and the State Council in introducing foreign exchange administration policies and carry out pilot programs in these regions. 2019-10-25 17:18:11 Xi Yanchun: We always say that our motherland provides a strong back for Hong Kong and the prosperity of Hong Kong will drive our motherland to grow. We believe the series of facilitation initiatives unveiled by Ms. Wang will benefit Hong Kong too. Now I would like to conclude today's briefing with thanks to Ms. Wang again and thanks to you all. 2019-10-25 17:18:32 (The original text is available at www.people.com.cn) 2019-10-25/en/2019/1025/1593.html
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