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马大帅京东分帅
2021-02-19
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State Administration of Foreign Exchange Official: Study on Orderly Relaxation of Business Restrictions under Personal
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16:24","market":"sh","language":"zh","title":"State Administration of Foreign Exchange Official: Study on Orderly Relaxation of Business Restrictions under Personal","url":"https://stock-news.laohu8.com/highlight/detail?id=1191606301","media":"中国外汇","summary":"叶海生 国家外汇管理局资本项目管理司司长《中国外汇》：在当前错综复杂的国际形势下，特别是在新冠肺炎疫情的严重冲击下，2021年资本项目外汇管理的总体思路是什么？叶海生：2021年，资本项目外汇管理将坚","content":"<p>Ye Haisheng, Director of the Capital Account Management Department of the State Administration of Foreign Exchange</p><p><b>China Foreign Exchange: In the current complex international situation, especially under the severe impact of the COVID-19 pandemic, what is the overall approach to capital account foreign exchange management in 2021?</b></p><p><b>Ye Haisheng:</b>In 2021, capital account foreign exchange management will adhere to the general principle of seeking progress while maintaining stability, coordinate the relationship between reform, development and stability, reasonably grasp the pace of opening up, promote the orderly two-way flow of cross-border funds, and maintain the balance of payments. At the same time, we will adhere to serving the real economy, facilitating cross-border trade and investment, maintaining a bottom-line mentality, preventing risks associated with cross-border capital flows, deepening reforms, and promoting high-level and high-quality opening up.</p><p><b>China Foreign Exchange: In 2020, capital account foreign exchange management did a lot of work in promoting cross-border trade and investment facilitation. What other measures will be introduced in 2021?</b></p><p><b>Ye Haisheng:</b>In 2020, under the correct leadership of the Party Group and leaders of the State Administration of Foreign Exchange, a series of facilitation measures were introduced for capital account foreign exchange management, which effectively supported epidemic prevention and control and the resumption of work and production of enterprises: deepening the two-way opening of the capital market and facilitating cross-border securities investment; Effectively improve management methods and promote trade and investment facilitation; Strengthen analysis, judgment, and monitoring to prevent risks associated with cross-border capital flows. In 2021, capital account foreign exchange management will continue to do a good job in \"six stabilities\" and implement the \"six guarantees\" tasks, taking serving the real economy as the foundation, further meeting the cross-border investment and financing needs of market entities, and helping to smooth the domestic circulation and promote the domestic and international dual circulation.</p><p><b>First, we will promote pilot programs for cross-border investment by private equity funds.</b>Support private equity funds in carrying out cross-border industrial and industrial investments, orderly promote the pilot programs for Qualified Foreign Limited Partners (QFLP) and Qualified Domestic Limited Partners (QDLP), standardize fund raising, exchange and investment management, simplify foreign exchange registration operations, and improve the in-process and post-process monitoring and reporting system for funds.</p><p><b>Second, improve the management of foreign direct investment.</b>Integrate and revise existing foreign exchange management regulations related to foreign direct investment, implement the Foreign Investment Law of the People's Republic of China, and further improve investment facilitation; Revise the foreign exchange management of foreign investors' strategic investments in A-share listed companies to facilitate fund exchange operations.</p><p><b>Third, improve the management of overseas loans to enterprises.</b>Revise the regulations on the management of overseas loans to enterprises and standardize the requirements for the use of overseas loan funds; Increase the macro-prudential adjustment coefficient for overseas lending to enterprises to meet the overseas investment, operation and financing needs of real economy enterprises.</p><p><b>Fourth, we will study and carry out pilot programs for the management of cross-border equity transactions through regional property rights exchanges.</b>In response to the demands of local property rights exchanges for the settlement of cross-border equity transfer funds, we will actively study and introduce supporting foreign exchange management measures and carry out relevant pilot projects when appropriate.</p><p>Fifth, we will conduct pilot projects for integrated capital pools in local and foreign currencies for multinational corporations.<b>Formulate integrated local and foreign currency funds for multinational corporations</b>The pilot program, while raising the entry threshold, relaxes restrictions on cross-border funds, foreign exchange purchase and settlement, and use, supporting large multinational corporations to better manage the cross-border funds of their member companies. It is planned to conduct pilot programs for integrated local and foreign currency capital pools for multinational corporations in some areas where multinational corporations are concentrated.</p><p><b>Sixth, we will continue to simplify the registration and management of some capital account businesses.</b>We will summarize the experience of the one-time registration reform of foreign debt in the Guangdong-Hong Kong-Macao Greater Bay Area and the Hainan Free Trade Port, promote the reform of foreign debt registration management, and expand the pilot scope of one-time registration of foreign debt in due course; Study plans to delegate the registration of corporate foreign debt to banks to further facilitate cross-border financing for enterprises; Promote the delegation of overseas listing registration for domestic enterprises to banks, revise foreign exchange management regulations for overseas listings in due course, improve the management of the use of raised funds, and clarify the relevant registration management for full circulation.</p><p><b>China Foreign Exchange: The Fifth Plenary Session of the 19th CPC Central Committee proposed to build a new system of higher-level open economy and comprehensively improve the level of opening up to the outside world. In the new year, what work will the State Administration of Foreign Exchange carry out to promote high-level and high-quality opening up?</b></p><p><b>Ye Haisheng:</b>In 2021, in accordance with the arrangements of the CPC Central Committee and the State Council, the capital account will adhere to the general principle of seeking progress while maintaining stability, actively plan a new pattern of future capital account opening up, carry out high-level opening-up pilot programs in an orderly manner, improve the convenience of personal foreign exchange use, stimulate new development vitality through deepening reform and opening up, and reform and improve the foreign exchange management system and mechanism that is compatible with the new system of a higher-level open economy under the new development pattern.</p><p><b>First, we will formulate an overall plan for the opening up of the capital account in the future.</b>Strengthen the top-level design of capital account opening-up. Based on in-depth and extensive research, analysis and demonstration, and in accordance with the principles of \"serving the real economy, promoting coordinated progress, taking our own lead, opening up steadily and prudently, adhering to the bottom line, ensuring safety and controllability, strengthening linkage and forming synergy\", formulate the tasks and specific measures for my country's capital account opening-up reform in the near-to-medium term (the 14th Five-Year Plan period) and in the long term, and conduct in-depth assessment of potential risks to build a safe development and risk prevention system for steadily promoting capital account opening-up.</p><p><b>Second, pilot programs for high-level opening up of cross-border trade and investment will be carried out in some regions.</b>Based on summarizing the reform experience in various fields of the capital account in recent years, and following the \"system integration\" approach, we have selected some regions to carry out comprehensive and high-level opening-up pilot projects. A package of opening-up measures will be introduced in pilot areas, covering all areas of cross-border trade, investment and financing, with a focus on supporting the development of the real economy.</p><p><b>Third, we will actively participate in promoting the implementation of negotiations on multilateral and bilateral investment/free trade agreements.</b>Implement the Regional Comprehensive Economic Partnership (RCEP) and clean up capital account foreign exchange management policies that are inconsistent with RCEP requirements; Actively participate in the follow-up work after the completion of the China-EU investment agreement negotiations and promote the signing of the China-EU investment agreement as soon as possible; Actively study and participate in high-level free trade agreements such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), actively participate in negotiations on the China-Korea Free Trade Agreement, the China-Japan-Korea Free Trade Agreement, and the China-Norway Free Trade Agreement, and build a favorable bilateral and multilateral investment environment.</p><p><b>Fourth, we will study the orderly relaxation of business restrictions under personal capital.</b>Revised the management regulations for domestic individuals participating in equity incentive plans of overseas listed companies, cancelled the annual limit on foreign exchange purchase and payment, and optimized the management process; The study demonstrated the feasibility of allowing domestic individuals to conduct overseas investments in securities, insurance, etc., within the annual facilitation limit of US$50,000; We will cooperate with the People's Bank of China to carry out the \"Wealth Management Connect\" pilot program in the Guangdong-Hong Kong-</p><p><b>China Foreign Exchange: In the past year, the State Administration of Foreign Exchange has taken a number of measures to expand the two-way opening of the financial market, such as removing investment quota restrictions for qualified foreign institutional investors, simplifying the management of domestic securities and futures investment funds, and issuing quotas for qualified domestic institutional investors on a regular basis. What are the key tasks for 2021?</b></p><p><b>Ye Haisheng:</b>In 2021, we will align with the requirements of high-level opening-up, focus on the opening-up of the securities market, enhance the internationalization level of the domestic financial market, and promote the opening-up of the capital account in a steady and orderly manner.</p><p><b>First, we will steadily and prudently promote the opening up of the domestic financial market.</b>Unify the policies for opening up the interbank bond market and the exchange bond market to foreign investment, and form a unified institutional framework and policies for opening up the bond market; We will steadily promote the opening up of the domestic financial derivatives market and study appropriately relaxing the restriction that overseas institutional investors can only conduct domestic financial futures trading based on hedging principles.</p><p><b>Second, we will steadily promote the opening up of the stock and bond issuance markets.</b>Improve the funding and exchange management policies for bonds (Panda bonds) issued domestically by overseas institutions; Regulate the management of domestic listings of red-chip companies, relax restrictions on the purchase and remittance of foreign exchange raised by them, and clarify the management rules for the reduction of holdings by overseas shareholders and the purchase and remittance of foreign exchange. Continue to do a good job in foreign exchange management related to the two-way issuance and cross-border conversion of depositary receipts (CDRs/GDRs) under the Shanghai-London Stock Connect.</p><p><b>Third, we will promote the implementation of the Qualified Domestic Institutional Investor (QDII) system.</b>Improve the normalized QDII quota issuance mechanism and further refine the quota issuance rules for various QDII institutions; Increase the total QDII quota in a timely manner, flexibly control the pace and scale of quota issuance according to the foreign exchange receipts and expenditures situation, and meet the cross-border asset allocation needs of domestic market entities; Improve the regular reporting, monitoring and analysis system for QDII institutions.</p><p><b>Fourth, improve the management of overseas investments by insurance institutions.</b>Optimize the overseas investment management policies of insurance institutions, and implement separate management of insurance institutions' overseas direct investment (ODI) and securities investment; Standardize the management of overseas investments by insurance institutions to meet the reasonable needs of insurance funds for overseas asset allocation.</p><p><b>Fifth, we will promote pilot programs for foreign exchange business by securities companies.</b>Continue to promote the pilot work of securities companies' foreign exchange settlement and sales business, improve management systems, standardize and improve relevant foreign exchange accounts, domestic foreign exchange transfer and other rules, and support the healthy development of their foreign exchange settlement and sales business on behalf of clients; Select some strong securities companies to conduct cross-border business pilot programs, formulate pilot rules, reasonably determine cross-border quotas, business types, fund management, etc., support securities companies to grow bigger and stronger, and give full play to their positive role in the foreign exchange market.</p><p><b>China Foreign Exchange: While promoting convenience, how can we effectively prevent risks associated with cross-border capital flows?</b></p><p><b>Ye Haisheng:</b>There will undoubtedly be some challenges in the process of opening up the capital account. In 2021, capital account foreign exchange management will adhere to a bottom-line approach, integrate safe development throughout the entire process of capital account management, continuously improve relevant statistical monitoring and early warning frameworks, promptly predict and effectively prevent disorderly cross-border capital flows, guide market entities to conduct business in accordance with laws and regulations, firmly safeguard the bottom line of preventing systemic financial risks, and effectively safeguard national economic and financial security.</p><p><b>First, we must strengthen situation assessment and prediction.</b>In response to the global economic downturn, excessive liquidity, and asset bubbles caused by the COVID-19 pandemic, we closely monitored the fiscal/monetary policy trends of major economies and regularly analyzed changes in international financial markets. We should conduct in-depth research on the spillover effects of unconventional foreign stimulus policies on my country's balance of payments, RMB exchange rate, and financial markets, and make accurate assessments and predictions of the situation to lay the foundation for formulating and introducing relevant foreign exchange management policies.</p><p><b>Second, strengthen the monitoring of cross-border capital flows.</b>Strengthen the monitoring and analysis of foreign capital inflows and outflows in the stock and bond markets, and continue to implement the daily and monthly reporting systems; Improve the monitoring of external debts and liabilities of financial institutions, especially banks, and strengthen the analysis of changes in external debts of key institutions, especially real estate companies and local government financing vehicles; We will pay close attention to the monitoring of cross-border capital flows under direct investment, continue to do a good job in the Collaborative Direct Investment Survey (CDIS), and strengthen the utilization of existing equity registration data.</p><p><b>Third, strengthen in-process and post-process supervision of capital accounts.</b>Continue to establish and improve a cross-border capital flow management framework that integrates \"macro-prudential + micro-regulation\" in line with the opening-up process, and enhance the management capabilities of abnormal fluctuations in cross-border capital flows; Establish and improve a monitoring, analysis and early warning mechanism for cross-border capital flows, strengthen off-site supervision capabilities, severely crack down on illegal and irregular activities in the foreign exchange sector, and maintain a sound order in the foreign exchange market.</p>","source":"lsy1597219973172","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>State Administration of Foreign Exchange Official: Study on Orderly Relaxation of Business Restrictions under Personal</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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At the same time, we will adhere to serving the real economy, facilitating cross-border trade and investment, maintaining a bottom-line mentality, preventing risks associated with cross-border capital flows, deepening reforms, and promoting high-level and high-quality opening up.</p><p><b>China Foreign Exchange: In 2020, capital account foreign exchange management did a lot of work in promoting cross-border trade and investment facilitation. What other measures will be introduced in 2021?</b></p><p><b>Ye Haisheng:</b>In 2020, under the correct leadership of the Party Group and leaders of the State Administration of Foreign Exchange, a series of facilitation measures were introduced for capital account foreign exchange management, which effectively supported epidemic prevention and control and the resumption of work and production of enterprises: deepening the two-way opening of the capital market and facilitating cross-border securities investment; Effectively improve management methods and promote trade and investment facilitation; Strengthen analysis, judgment, and monitoring to prevent risks associated with cross-border capital flows. In 2021, capital account foreign exchange management will continue to do a good job in \"six stabilities\" and implement the \"six guarantees\" tasks, taking serving the real economy as the foundation, further meeting the cross-border investment and financing needs of market entities, and helping to smooth the domestic circulation and promote the domestic and international dual circulation.</p><p><b>First, we will promote pilot programs for cross-border investment by private equity funds.</b>Support private equity funds in carrying out cross-border industrial and industrial investments, orderly promote the pilot programs for Qualified Foreign Limited Partners (QFLP) and Qualified Domestic Limited Partners (QDLP), standardize fund raising, exchange and investment management, simplify foreign exchange registration operations, and improve the in-process and post-process monitoring and reporting system for funds.</p><p><b>Second, improve the management of foreign direct investment.</b>Integrate and revise existing foreign exchange management regulations related to foreign direct investment, implement the Foreign Investment Law of the People's Republic of China, and further improve investment facilitation; Revise the foreign exchange management of foreign investors' strategic investments in A-share listed companies to facilitate fund exchange operations.</p><p><b>Third, improve the management of overseas loans to enterprises.</b>Revise the regulations on the management of overseas loans to enterprises and standardize the requirements for the use of overseas loan funds; Increase the macro-prudential adjustment coefficient for overseas lending to enterprises to meet the overseas investment, operation and financing needs of real economy enterprises.</p><p><b>Fourth, we will study and carry out pilot programs for the management of cross-border equity transactions through regional property rights exchanges.</b>In response to the demands of local property rights exchanges for the settlement of cross-border equity transfer funds, we will actively study and introduce supporting foreign exchange management measures and carry out relevant pilot projects when appropriate.</p><p>Fifth, we will conduct pilot projects for integrated capital pools in local and foreign currencies for multinational corporations.<b>Formulate integrated local and foreign currency funds for multinational corporations</b>The pilot program, while raising the entry threshold, relaxes restrictions on cross-border funds, foreign exchange purchase and settlement, and use, supporting large multinational corporations to better manage the cross-border funds of their member companies. It is planned to conduct pilot programs for integrated local and foreign currency capital pools for multinational corporations in some areas where multinational corporations are concentrated.</p><p><b>Sixth, we will continue to simplify the registration and management of some capital account businesses.</b>We will summarize the experience of the one-time registration reform of foreign debt in the Guangdong-Hong Kong-Macao Greater Bay Area and the Hainan Free Trade Port, promote the reform of foreign debt registration management, and expand the pilot scope of one-time registration of foreign debt in due course; Study plans to delegate the registration of corporate foreign debt to banks to further facilitate cross-border financing for enterprises; Promote the delegation of overseas listing registration for domestic enterprises to banks, revise foreign exchange management regulations for overseas listings in due course, improve the management of the use of raised funds, and clarify the relevant registration management for full circulation.</p><p><b>China Foreign Exchange: The Fifth Plenary Session of the 19th CPC Central Committee proposed to build a new system of higher-level open economy and comprehensively improve the level of opening up to the outside world. In the new year, what work will the State Administration of Foreign Exchange carry out to promote high-level and high-quality opening up?</b></p><p><b>Ye Haisheng:</b>In 2021, in accordance with the arrangements of the CPC Central Committee and the State Council, the capital account will adhere to the general principle of seeking progress while maintaining stability, actively plan a new pattern of future capital account opening up, carry out high-level opening-up pilot programs in an orderly manner, improve the convenience of personal foreign exchange use, stimulate new development vitality through deepening reform and opening up, and reform and improve the foreign exchange management system and mechanism that is compatible with the new system of a higher-level open economy under the new development pattern.</p><p><b>First, we will formulate an overall plan for the opening up of the capital account in the future.</b>Strengthen the top-level design of capital account opening-up. Based on in-depth and extensive research, analysis and demonstration, and in accordance with the principles of \"serving the real economy, promoting coordinated progress, taking our own lead, opening up steadily and prudently, adhering to the bottom line, ensuring safety and controllability, strengthening linkage and forming synergy\", formulate the tasks and specific measures for my country's capital account opening-up reform in the near-to-medium term (the 14th Five-Year Plan period) and in the long term, and conduct in-depth assessment of potential risks to build a safe development and risk prevention system for steadily promoting capital account opening-up.</p><p><b>Second, pilot programs for high-level opening up of cross-border trade and investment will be carried out in some regions.</b>Based on summarizing the reform experience in various fields of the capital account in recent years, and following the \"system integration\" approach, we have selected some regions to carry out comprehensive and high-level opening-up pilot projects. A package of opening-up measures will be introduced in pilot areas, covering all areas of cross-border trade, investment and financing, with a focus on supporting the development of the real economy.</p><p><b>Third, we will actively participate in promoting the implementation of negotiations on multilateral and bilateral investment/free trade agreements.</b>Implement the Regional Comprehensive Economic Partnership (RCEP) and clean up capital account foreign exchange management policies that are inconsistent with RCEP requirements; Actively participate in the follow-up work after the completion of the China-EU investment agreement negotiations and promote the signing of the China-EU investment agreement as soon as possible; Actively study and participate in high-level free trade agreements such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), actively participate in negotiations on the China-Korea Free Trade Agreement, the China-Japan-Korea Free Trade Agreement, and the China-Norway Free Trade Agreement, and build a favorable bilateral and multilateral investment environment.</p><p><b>Fourth, we will study the orderly relaxation of business restrictions under personal capital.</b>Revised the management regulations for domestic individuals participating in equity incentive plans of overseas listed companies, cancelled the annual limit on foreign exchange purchase and payment, and optimized the management process; The study demonstrated the feasibility of allowing domestic individuals to conduct overseas investments in securities, insurance, etc., within the annual facilitation limit of US$50,000; We will cooperate with the People's Bank of China to carry out the \"Wealth Management Connect\" pilot program in the Guangdong-Hong Kong-</p><p><b>China Foreign Exchange: In the past year, the State Administration of Foreign Exchange has taken a number of measures to expand the two-way opening of the financial market, such as removing investment quota restrictions for qualified foreign institutional investors, simplifying the management of domestic securities and futures investment funds, and issuing quotas for qualified domestic institutional investors on a regular basis. What are the key tasks for 2021?</b></p><p><b>Ye Haisheng:</b>In 2021, we will align with the requirements of high-level opening-up, focus on the opening-up of the securities market, enhance the internationalization level of the domestic financial market, and promote the opening-up of the capital account in a steady and orderly manner.</p><p><b>First, we will steadily and prudently promote the opening up of the domestic financial market.</b>Unify the policies for opening up the interbank bond market and the exchange bond market to foreign investment, and form a unified institutional framework and policies for opening up the bond market; We will steadily promote the opening up of the domestic financial derivatives market and study appropriately relaxing the restriction that overseas institutional investors can only conduct domestic financial futures trading based on hedging principles.</p><p><b>Second, we will steadily promote the opening up of the stock and bond issuance markets.</b>Improve the funding and exchange management policies for bonds (Panda bonds) issued domestically by overseas institutions; Regulate the management of domestic listings of red-chip companies, relax restrictions on the purchase and remittance of foreign exchange raised by them, and clarify the management rules for the reduction of holdings by overseas shareholders and the purchase and remittance of foreign exchange. Continue to do a good job in foreign exchange management related to the two-way issuance and cross-border conversion of depositary receipts (CDRs/GDRs) under the Shanghai-London Stock Connect.</p><p><b>Third, we will promote the implementation of the Qualified Domestic Institutional Investor (QDII) system.</b>Improve the normalized QDII quota issuance mechanism and further refine the quota issuance rules for various QDII institutions; Increase the total QDII quota in a timely manner, flexibly control the pace and scale of quota issuance according to the foreign exchange receipts and expenditures situation, and meet the cross-border asset allocation needs of domestic market entities; Improve the regular reporting, monitoring and analysis system for QDII institutions.</p><p><b>Fourth, improve the management of overseas investments by insurance institutions.</b>Optimize the overseas investment management policies of insurance institutions, and implement separate management of insurance institutions' overseas direct investment (ODI) and securities investment; Standardize the management of overseas investments by insurance institutions to meet the reasonable needs of insurance funds for overseas asset allocation.</p><p><b>Fifth, we will promote pilot programs for foreign exchange business by securities companies.</b>Continue to promote the pilot work of securities companies' foreign exchange settlement and sales business, improve management systems, standardize and improve relevant foreign exchange accounts, domestic foreign exchange transfer and other rules, and support the healthy development of their foreign exchange settlement and sales business on behalf of clients; Select some strong securities companies to conduct cross-border business pilot programs, formulate pilot rules, reasonably determine cross-border quotas, business types, fund management, etc., support securities companies to grow bigger and stronger, and give full play to their positive role in the foreign exchange market.</p><p><b>China Foreign Exchange: While promoting convenience, how can we effectively prevent risks associated with cross-border capital flows?</b></p><p><b>Ye Haisheng:</b>There will undoubtedly be some challenges in the process of opening up the capital account. In 2021, capital account foreign exchange management will adhere to a bottom-line approach, integrate safe development throughout the entire process of capital account management, continuously improve relevant statistical monitoring and early warning frameworks, promptly predict and effectively prevent disorderly cross-border capital flows, guide market entities to conduct business in accordance with laws and regulations, firmly safeguard the bottom line of preventing systemic financial risks, and effectively safeguard national economic and financial security.</p><p><b>First, we must strengthen situation assessment and prediction.</b>In response to the global economic downturn, excessive liquidity, and asset bubbles caused by the COVID-19 pandemic, we closely monitored the fiscal/monetary policy trends of major economies and regularly analyzed changes in international financial markets. We should conduct in-depth research on the spillover effects of unconventional foreign stimulus policies on my country's balance of payments, RMB exchange rate, and financial markets, and make accurate assessments and predictions of the situation to lay the foundation for formulating and introducing relevant foreign exchange management policies.</p><p><b>Second, strengthen the monitoring of cross-border capital flows.</b>Strengthen the monitoring and analysis of foreign capital inflows and outflows in the stock and bond markets, and continue to implement the daily and monthly reporting systems; Improve the monitoring of external debts and liabilities of financial institutions, especially banks, and strengthen the analysis of changes in external debts of key institutions, especially real estate companies and local government financing vehicles; We will pay close attention to the monitoring of cross-border capital flows under direct investment, continue to do a good job in the Collaborative Direct Investment Survey (CDIS), and strengthen the utilization of existing equity registration data.</p><p><b>Third, strengthen in-process and post-process supervision of capital accounts.</b>Continue to establish and improve a cross-border capital flow management framework that integrates \"macro-prudential + micro-regulation\" in line with the opening-up process, and enhance the management capabilities of abnormal fluctuations in cross-border capital flows; Establish and improve a monitoring, analysis and early warning mechanism for cross-border capital flows, strengthen off-site supervision capabilities, severely crack down on illegal and irregular activities in the foreign exchange sector, and maintain a sound order in the foreign exchange market.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/pmE6aJzNkRjK0ZXgso3JtQ\">中国外汇</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c318bcd91a109139b7d70c76c30bb154","relate_stocks":{},"source_url":"https://mp.weixin.qq.com/s/pmE6aJzNkRjK0ZXgso3JtQ","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1191606301","content_text":"叶海生 国家外汇管理局资本项目管理司司长《中国外汇》：在当前错综复杂的国际形势下，特别是在新冠肺炎疫情的严重冲击下，2021年资本项目外汇管理的总体思路是什么？叶海生：2021年，资本项目外汇管理将坚持稳中求进的工作总基调，统筹改革、发展和稳定关系，合理把握开放节奏，促进跨境资金双向有序流动，维护国际收支平衡；同时，坚持服务实体经济，便利跨境贸易投资，坚持底线思维，防范跨境资本流动风险，坚持深化改革，推动高水平、高质量对外开放。《中国外汇》：2020年，资本项目外汇管理在推进跨境贸易投资便利化方面做了很多工作。2021年还将推出哪些措施？叶海生：2020年，在外汇局党组和局领导的正确领导下，资本项目外汇管理推出了一系列便利化措施，有效支持了疫情防控和企业的复工复产：深化资本市场双向开放，便利跨境证券投资；切实改进管理方式，促进贸易投资便利化；加强分析研判和监测，防范跨境资金流动风险等。2021年，资本项目外汇管理将继续做好“六稳”工作，落实“六保”任务，以服务实体经济为根本，进一步满足市场主体跨境投融资需求，助力畅通国内大循环、促进国内国际双循环。一是推进私募股权投资基金跨境投资试点。支持私募股权投资基金开展跨境产业、实业投资，有序推进合格境外有限合伙人（QFLP）、合格境内有限合伙人（QDLP）试点，规范基金募集、汇兑及投资管理，简化外汇登记操作，完善基金事中、事后监测和报告制度等。二是完善外商直接投资管理。整合、修订现行外商直接投资相关外汇管理法规，落实《中华人民共和国外商投资法》，进一步提升投资便利化程度；修订外国投资者战略投资A股上市公司外汇管理，便利资金汇兑操作。三是完善企业境外放款管理。修订企业境外放款管理规定，规范境外放款资金使用要求；提高企业境外放款宏观审慎调节系数，满足实体企业境外投资经营融资需求。四是研究开展区域产权交易所代理跨境股权交易管理试点。针对各地产权交易所对跨境股权转让资金结算的诉求，积极研究出台配套外汇管理措施，择机开展相关试点。五是开展跨国公司本外币一体化资金池试点。制定跨国公司本外币一体化资金池试点方案，在提高准入门槛的同时，放宽资金跨境、购结汇、使用限制等，支持特大型跨国公司更好地管理成员公司跨境资金；拟在部分跨国公司比较集中的地区，开展跨国公司本外币一体化资金池试点。六是继续简化部分资本项目业务登记管理。总结粤港澳大湾区、海南自贸港等外债一次性登记改革经验，推进外债登记管理改革，适时扩大外债一次性登记的试点范围；研究企业外债登记下放银行办理的方案，进一步便利企业跨境融资；推动境内企业境外上市登记下放银行办理，适时修订境外上市外汇管理规定，完善募集资金使用管理，明确全流通相关登记管理等。《中国外汇》：党的十九届五中全会提出，要建设更高水平开放型经济新体制，全面提高对外开放水平。新的一年，外汇局在推动高水平、高质量对外开放方面将开展哪些工作？叶海生：2021年，资本项目将按照党中央国务院的部署，坚持稳中求进的总基调，积极谋划未来资本项目开放的新格局，有序开展高水平对外开放试点，提升个人用汇便利度，以深化改革开放激发新发展活力，改革并完善与新发展格局下更高水平开放型经济新体制相适应的外汇管理体制机制。一是制定未来资本项目开放的总体规划。加强资本项目开放顶层设计，在深入开展广泛的调研、分析和论证基础上，按照“服务实体、协同推进，以我为主、稳慎开放，坚守底线、安全可控，加强联动、形成合力”的原则，制定近中期（“十四五”时期）和长远期我国资本项目开放改革任务和具体措施，并深入研判潜在风险，构建稳步推进资本项目开放的安全发展和风险防控体系。二是在部分区域开展跨境贸易投资高水平对外开放试点。在总结近年来资本项目各领域改革经验的基础上，按照“系统集成式”思路，选择在部分地区开展全方位、高水平对外开放试点。在试点地区集中出台一揽子开放措施，内容涵盖跨境贸易、投融资各个领域，重点支持实体经济发展。三是积极参与推动落实多双边投资/自贸协定谈判。落实《区域全面经济伙伴关系协定》（RCEP），清理与RCEP要求不符的资本项目外汇管理政策；积极参与中欧投资协定谈判完成的后续工作，推动中欧投资协定尽快签署；积极研究参与《全面与进步跨太平洋伙伴关系协定》（CPTPP）等高水平自贸协定，积极参与中韩自贸协定、中日韩自贸协定、中挪自贸协定谈判，构建良好的双边、多边投资环境。四是研究有序放宽个人资本项下业务限制。修订境内个人参与境外上市公司股权激励计划的管理规定，取消年度购付汇额度限制，优化管理流程；研究论证允许境内个人在年度5万美元便利化额度内开展境外证券、保险等投资的可行性；配合人民银行做好粤港澳大湾区“理财通”试点。《中国外汇》：过去的一年，外汇局采取了多项措施扩大金融市场双向开放，如取消合格境外机构投资者投资额度限制、简化境内证券期货投资资金管理、常态化发放合格境内机构投资者额度等。2021年的工作重点又有哪些？叶海生：2021年，我们将对标对表高水平开放要求，以证券市场开放为重点，提升境内金融市场的国际化水平，稳妥有序地推进资本项目开放。一是稳慎推进境内金融市场的开放。统一银行间债券市场和交易所债券市场对外开放政策，形成规则合一的债券市场开放制度框架和政策；稳妥推进境内金融衍生品市场对外开放，研究适当放宽境外机构投资者只能基于套期保值原则开展境内金融期货交易的限制。二是稳步推进股票、债券发行市场的开放。完善境外机构境内发行债券（熊猫债）资金及汇兑管理政策；规范红筹股企业境内上市管理，放宽其募集资金购汇汇出限制，明确境外股东减持购付汇管理规则；继续做好“沪伦通”项下存托凭证（CDR/GDR）双向发行及跨境转换相关外汇管理工作。三是推进合格境内机构投资者（QDII）的制度实施。完善常态化QDII额度发放机制，进一步完善各类QDII机构额度发放规则；适时提高QDII总额度，根据外汇收支形势灵活把握额度发放的节奏和规模，满足境内市场主体跨境资产配置需求；健全QDII机构定期报告及监测分析制度。四是改进保险机构境外投资管理。优化保险机构境外投资管理政策，对保险机构境外直接投资（ODI）和证券投资实施分别管理；规范保险机构境外投资管理，满足保险资金境外配置资产的合理需求。五是推动证券公司外汇业务试点。继续推进证券公司结售汇业务试点工作，健全管理制度，规范并完善相关外汇账户、境内外汇划转等规则，支持其代客结售汇业务的健康发展；选择部分实力较强的证券公司开展跨境业务试点，制定试点规则，合理确定跨境额度、业务种类、资金管理等，支持证券公司做大做强，发挥证券公司对外汇市场的积极作用。《中国外汇》：在促便利的同时，应如何有效防范跨境资金流动风险？叶海生：在资本项目开放过程中，无疑将面临一些挑战。2021年，资本项目外汇管理将坚持底线思维，把安全发展贯穿资本项目管理的全过程，不断完善相关统计监测和预警框架，及时预判、有效防范跨境资金无序流动，引导市场主体依法合规开展业务，牢牢守住不发生系统性金融风险的底线，有效维护国家经济金融安全。一是加强形势研判、预判。针对新冠肺炎疫情下全球经济低迷、流动性泛滥、资产泡沫等状况，密切关注主要经济体财政/货币政策动向，定期分析国际金融市场的变化；深入研究国外非常规刺激等政策对我国国际收支、人民币汇率、金融市场的外溢影响，做好对形势的研判和预判，为制定出台相关外汇管理政策奠定基础。二是加强跨境资本流动监测。加强对股票、债券市场外资流出入的监测分析，继续落实好日报和月报制度；完善对金融机构，特别是银行对外债权债务的监测，加强对重点机构，尤其是房地产企业、城投企业外债变动的分析；密切关注直接投资项下跨境资金流动监测，继续做好直接投资协同调查（CDIS）工作，加强存量权益登记数据信息的利用。三是强化资本项目事中、事后监管。继续建立健全与开放进程相适应的“宏观审慎+微观监管”两位一体的跨境资本流动管理框架，提升跨境资本流动异常波动的管理能力；建立健全跨境资本流动监测分析预警机制，加强非现场监管能力建设，严厉打击外汇领域违法违规行为，维护外汇市场的良好秩序。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1883,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":387346059,"gmtCreate":1613724020671,"gmtModify":1704884127432,"author":{"id":"3457578703360172","authorId":"3457578703360172","name":"马大帅京东分帅","avatar":"https://static.tigerbbs.com/f3f498f91e06d7f209d10bf823e72768","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3457578703360172","idStr":"3457578703360172"},"themes":[],"title":"","htmlText":"678","listText":"678","text":"678","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/387346059","repostId":"1191606301","repostType":4,"repost":{"id":"1191606301","kind":"news","pubTimestamp":1613723087,"share":"https://ttm.financial/m/news/1191606301?lang=en_US&edition=fundamental","pubTime":"2021-02-19 16:24","market":"sh","language":"zh","title":"State Administration of Foreign Exchange Official: Study on Orderly Relaxation of Business Restrictions under Personal","url":"https://stock-news.laohu8.com/highlight/detail?id=1191606301","media":"中国外汇","summary":"叶海生 国家外汇管理局资本项目管理司司长《中国外汇》：在当前错综复杂的国际形势下，特别是在新冠肺炎疫情的严重冲击下，2021年资本项目外汇管理的总体思路是什么？叶海生：2021年，资本项目外汇管理将坚","content":"<p>Ye Haisheng, Director of the Capital Account Management Department of the State Administration of Foreign Exchange</p><p><b>China Foreign Exchange: In the current complex international situation, especially under the severe impact of the COVID-19 pandemic, what is the overall approach to capital account foreign exchange management in 2021?</b></p><p><b>Ye Haisheng:</b>In 2021, capital account foreign exchange management will adhere to the general principle of seeking progress while maintaining stability, coordinate the relationship between reform, development and stability, reasonably grasp the pace of opening up, promote the orderly two-way flow of cross-border funds, and maintain the balance of payments. At the same time, we will adhere to serving the real economy, facilitating cross-border trade and investment, maintaining a bottom-line mentality, preventing risks associated with cross-border capital flows, deepening reforms, and promoting high-level and high-quality opening up.</p><p><b>China Foreign Exchange: In 2020, capital account foreign exchange management did a lot of work in promoting cross-border trade and investment facilitation. What other measures will be introduced in 2021?</b></p><p><b>Ye Haisheng:</b>In 2020, under the correct leadership of the Party Group and leaders of the State Administration of Foreign Exchange, a series of facilitation measures were introduced for capital account foreign exchange management, which effectively supported epidemic prevention and control and the resumption of work and production of enterprises: deepening the two-way opening of the capital market and facilitating cross-border securities investment; Effectively improve management methods and promote trade and investment facilitation; Strengthen analysis, judgment, and monitoring to prevent risks associated with cross-border capital flows. In 2021, capital account foreign exchange management will continue to do a good job in \"six stabilities\" and implement the \"six guarantees\" tasks, taking serving the real economy as the foundation, further meeting the cross-border investment and financing needs of market entities, and helping to smooth the domestic circulation and promote the domestic and international dual circulation.</p><p><b>First, we will promote pilot programs for cross-border investment by private equity funds.</b>Support private equity funds in carrying out cross-border industrial and industrial investments, orderly promote the pilot programs for Qualified Foreign Limited Partners (QFLP) and Qualified Domestic Limited Partners (QDLP), standardize fund raising, exchange and investment management, simplify foreign exchange registration operations, and improve the in-process and post-process monitoring and reporting system for funds.</p><p><b>Second, improve the management of foreign direct investment.</b>Integrate and revise existing foreign exchange management regulations related to foreign direct investment, implement the Foreign Investment Law of the People's Republic of China, and further improve investment facilitation; Revise the foreign exchange management of foreign investors' strategic investments in A-share listed companies to facilitate fund exchange operations.</p><p><b>Third, improve the management of overseas loans to enterprises.</b>Revise the regulations on the management of overseas loans to enterprises and standardize the requirements for the use of overseas loan funds; Increase the macro-prudential adjustment coefficient for overseas lending to enterprises to meet the overseas investment, operation and financing needs of real economy enterprises.</p><p><b>Fourth, we will study and carry out pilot programs for the management of cross-border equity transactions through regional property rights exchanges.</b>In response to the demands of local property rights exchanges for the settlement of cross-border equity transfer funds, we will actively study and introduce supporting foreign exchange management measures and carry out relevant pilot projects when appropriate.</p><p>Fifth, we will conduct pilot projects for integrated capital pools in local and foreign currencies for multinational corporations.<b>Formulate integrated local and foreign currency funds for multinational corporations</b>The pilot program, while raising the entry threshold, relaxes restrictions on cross-border funds, foreign exchange purchase and settlement, and use, supporting large multinational corporations to better manage the cross-border funds of their member companies. It is planned to conduct pilot programs for integrated local and foreign currency capital pools for multinational corporations in some areas where multinational corporations are concentrated.</p><p><b>Sixth, we will continue to simplify the registration and management of some capital account businesses.</b>We will summarize the experience of the one-time registration reform of foreign debt in the Guangdong-Hong Kong-Macao Greater Bay Area and the Hainan Free Trade Port, promote the reform of foreign debt registration management, and expand the pilot scope of one-time registration of foreign debt in due course; Study plans to delegate the registration of corporate foreign debt to banks to further facilitate cross-border financing for enterprises; Promote the delegation of overseas listing registration for domestic enterprises to banks, revise foreign exchange management regulations for overseas listings in due course, improve the management of the use of raised funds, and clarify the relevant registration management for full circulation.</p><p><b>China Foreign Exchange: The Fifth Plenary Session of the 19th CPC Central Committee proposed to build a new system of higher-level open economy and comprehensively improve the level of opening up to the outside world. In the new year, what work will the State Administration of Foreign Exchange carry out to promote high-level and high-quality opening up?</b></p><p><b>Ye Haisheng:</b>In 2021, in accordance with the arrangements of the CPC Central Committee and the State Council, the capital account will adhere to the general principle of seeking progress while maintaining stability, actively plan a new pattern of future capital account opening up, carry out high-level opening-up pilot programs in an orderly manner, improve the convenience of personal foreign exchange use, stimulate new development vitality through deepening reform and opening up, and reform and improve the foreign exchange management system and mechanism that is compatible with the new system of a higher-level open economy under the new development pattern.</p><p><b>First, we will formulate an overall plan for the opening up of the capital account in the future.</b>Strengthen the top-level design of capital account opening-up. Based on in-depth and extensive research, analysis and demonstration, and in accordance with the principles of \"serving the real economy, promoting coordinated progress, taking our own lead, opening up steadily and prudently, adhering to the bottom line, ensuring safety and controllability, strengthening linkage and forming synergy\", formulate the tasks and specific measures for my country's capital account opening-up reform in the near-to-medium term (the 14th Five-Year Plan period) and in the long term, and conduct in-depth assessment of potential risks to build a safe development and risk prevention system for steadily promoting capital account opening-up.</p><p><b>Second, pilot programs for high-level opening up of cross-border trade and investment will be carried out in some regions.</b>Based on summarizing the reform experience in various fields of the capital account in recent years, and following the \"system integration\" approach, we have selected some regions to carry out comprehensive and high-level opening-up pilot projects. A package of opening-up measures will be introduced in pilot areas, covering all areas of cross-border trade, investment and financing, with a focus on supporting the development of the real economy.</p><p><b>Third, we will actively participate in promoting the implementation of negotiations on multilateral and bilateral investment/free trade agreements.</b>Implement the Regional Comprehensive Economic Partnership (RCEP) and clean up capital account foreign exchange management policies that are inconsistent with RCEP requirements; Actively participate in the follow-up work after the completion of the China-EU investment agreement negotiations and promote the signing of the China-EU investment agreement as soon as possible; Actively study and participate in high-level free trade agreements such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), actively participate in negotiations on the China-Korea Free Trade Agreement, the China-Japan-Korea Free Trade Agreement, and the China-Norway Free Trade Agreement, and build a favorable bilateral and multilateral investment environment.</p><p><b>Fourth, we will study the orderly relaxation of business restrictions under personal capital.</b>Revised the management regulations for domestic individuals participating in equity incentive plans of overseas listed companies, cancelled the annual limit on foreign exchange purchase and payment, and optimized the management process; The study demonstrated the feasibility of allowing domestic individuals to conduct overseas investments in securities, insurance, etc., within the annual facilitation limit of US$50,000; We will cooperate with the People's Bank of China to carry out the \"Wealth Management Connect\" pilot program in the Guangdong-Hong Kong-</p><p><b>China Foreign Exchange: In the past year, the State Administration of Foreign Exchange has taken a number of measures to expand the two-way opening of the financial market, such as removing investment quota restrictions for qualified foreign institutional investors, simplifying the management of domestic securities and futures investment funds, and issuing quotas for qualified domestic institutional investors on a regular basis. What are the key tasks for 2021?</b></p><p><b>Ye Haisheng:</b>In 2021, we will align with the requirements of high-level opening-up, focus on the opening-up of the securities market, enhance the internationalization level of the domestic financial market, and promote the opening-up of the capital account in a steady and orderly manner.</p><p><b>First, we will steadily and prudently promote the opening up of the domestic financial market.</b>Unify the policies for opening up the interbank bond market and the exchange bond market to foreign investment, and form a unified institutional framework and policies for opening up the bond market; We will steadily promote the opening up of the domestic financial derivatives market and study appropriately relaxing the restriction that overseas institutional investors can only conduct domestic financial futures trading based on hedging principles.</p><p><b>Second, we will steadily promote the opening up of the stock and bond issuance markets.</b>Improve the funding and exchange management policies for bonds (Panda bonds) issued domestically by overseas institutions; Regulate the management of domestic listings of red-chip companies, relax restrictions on the purchase and remittance of foreign exchange raised by them, and clarify the management rules for the reduction of holdings by overseas shareholders and the purchase and remittance of foreign exchange. Continue to do a good job in foreign exchange management related to the two-way issuance and cross-border conversion of depositary receipts (CDRs/GDRs) under the Shanghai-London Stock Connect.</p><p><b>Third, we will promote the implementation of the Qualified Domestic Institutional Investor (QDII) system.</b>Improve the normalized QDII quota issuance mechanism and further refine the quota issuance rules for various QDII institutions; Increase the total QDII quota in a timely manner, flexibly control the pace and scale of quota issuance according to the foreign exchange receipts and expenditures situation, and meet the cross-border asset allocation needs of domestic market entities; Improve the regular reporting, monitoring and analysis system for QDII institutions.</p><p><b>Fourth, improve the management of overseas investments by insurance institutions.</b>Optimize the overseas investment management policies of insurance institutions, and implement separate management of insurance institutions' overseas direct investment (ODI) and securities investment; Standardize the management of overseas investments by insurance institutions to meet the reasonable needs of insurance funds for overseas asset allocation.</p><p><b>Fifth, we will promote pilot programs for foreign exchange business by securities companies.</b>Continue to promote the pilot work of securities companies' foreign exchange settlement and sales business, improve management systems, standardize and improve relevant foreign exchange accounts, domestic foreign exchange transfer and other rules, and support the healthy development of their foreign exchange settlement and sales business on behalf of clients; Select some strong securities companies to conduct cross-border business pilot programs, formulate pilot rules, reasonably determine cross-border quotas, business types, fund management, etc., support securities companies to grow bigger and stronger, and give full play to their positive role in the foreign exchange market.</p><p><b>China Foreign Exchange: While promoting convenience, how can we effectively prevent risks associated with cross-border capital flows?</b></p><p><b>Ye Haisheng:</b>There will undoubtedly be some challenges in the process of opening up the capital account. In 2021, capital account foreign exchange management will adhere to a bottom-line approach, integrate safe development throughout the entire process of capital account management, continuously improve relevant statistical monitoring and early warning frameworks, promptly predict and effectively prevent disorderly cross-border capital flows, guide market entities to conduct business in accordance with laws and regulations, firmly safeguard the bottom line of preventing systemic financial risks, and effectively safeguard national economic and financial security.</p><p><b>First, we must strengthen situation assessment and prediction.</b>In response to the global economic downturn, excessive liquidity, and asset bubbles caused by the COVID-19 pandemic, we closely monitored the fiscal/monetary policy trends of major economies and regularly analyzed changes in international financial markets. We should conduct in-depth research on the spillover effects of unconventional foreign stimulus policies on my country's balance of payments, RMB exchange rate, and financial markets, and make accurate assessments and predictions of the situation to lay the foundation for formulating and introducing relevant foreign exchange management policies.</p><p><b>Second, strengthen the monitoring of cross-border capital flows.</b>Strengthen the monitoring and analysis of foreign capital inflows and outflows in the stock and bond markets, and continue to implement the daily and monthly reporting systems; Improve the monitoring of external debts and liabilities of financial institutions, especially banks, and strengthen the analysis of changes in external debts of key institutions, especially real estate companies and local government financing vehicles; We will pay close attention to the monitoring of cross-border capital flows under direct investment, continue to do a good job in the Collaborative Direct Investment Survey (CDIS), and strengthen the utilization of existing equity registration data.</p><p><b>Third, strengthen in-process and post-process supervision of capital accounts.</b>Continue to establish and improve a cross-border capital flow management framework that integrates \"macro-prudential + micro-regulation\" in line with the opening-up process, and enhance the management capabilities of abnormal fluctuations in cross-border capital flows; Establish and improve a monitoring, analysis and early warning mechanism for cross-border capital flows, strengthen off-site supervision capabilities, severely crack down on illegal and irregular activities in the foreign exchange sector, and maintain a sound order in the foreign exchange market.</p>","source":"lsy1597219973172","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>State Administration of Foreign Exchange Official: Study on Orderly Relaxation of Business Restrictions under Personal</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nState Administration of Foreign Exchange Official: Study on Orderly Relaxation of Business Restrictions under Personal\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">中国外汇</strong><span class=\"h-time small\">2021-02-19 16:24</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Ye Haisheng, Director of the Capital Account Management Department of the State Administration of Foreign Exchange</p><p><b>China Foreign Exchange: In the current complex international situation, especially under the severe impact of the COVID-19 pandemic, what is the overall approach to capital account foreign exchange management in 2021?</b></p><p><b>Ye Haisheng:</b>In 2021, capital account foreign exchange management will adhere to the general principle of seeking progress while maintaining stability, coordinate the relationship between reform, development and stability, reasonably grasp the pace of opening up, promote the orderly two-way flow of cross-border funds, and maintain the balance of payments. At the same time, we will adhere to serving the real economy, facilitating cross-border trade and investment, maintaining a bottom-line mentality, preventing risks associated with cross-border capital flows, deepening reforms, and promoting high-level and high-quality opening up.</p><p><b>China Foreign Exchange: In 2020, capital account foreign exchange management did a lot of work in promoting cross-border trade and investment facilitation. What other measures will be introduced in 2021?</b></p><p><b>Ye Haisheng:</b>In 2020, under the correct leadership of the Party Group and leaders of the State Administration of Foreign Exchange, a series of facilitation measures were introduced for capital account foreign exchange management, which effectively supported epidemic prevention and control and the resumption of work and production of enterprises: deepening the two-way opening of the capital market and facilitating cross-border securities investment; Effectively improve management methods and promote trade and investment facilitation; Strengthen analysis, judgment, and monitoring to prevent risks associated with cross-border capital flows. In 2021, capital account foreign exchange management will continue to do a good job in \"six stabilities\" and implement the \"six guarantees\" tasks, taking serving the real economy as the foundation, further meeting the cross-border investment and financing needs of market entities, and helping to smooth the domestic circulation and promote the domestic and international dual circulation.</p><p><b>First, we will promote pilot programs for cross-border investment by private equity funds.</b>Support private equity funds in carrying out cross-border industrial and industrial investments, orderly promote the pilot programs for Qualified Foreign Limited Partners (QFLP) and Qualified Domestic Limited Partners (QDLP), standardize fund raising, exchange and investment management, simplify foreign exchange registration operations, and improve the in-process and post-process monitoring and reporting system for funds.</p><p><b>Second, improve the management of foreign direct investment.</b>Integrate and revise existing foreign exchange management regulations related to foreign direct investment, implement the Foreign Investment Law of the People's Republic of China, and further improve investment facilitation; Revise the foreign exchange management of foreign investors' strategic investments in A-share listed companies to facilitate fund exchange operations.</p><p><b>Third, improve the management of overseas loans to enterprises.</b>Revise the regulations on the management of overseas loans to enterprises and standardize the requirements for the use of overseas loan funds; Increase the macro-prudential adjustment coefficient for overseas lending to enterprises to meet the overseas investment, operation and financing needs of real economy enterprises.</p><p><b>Fourth, we will study and carry out pilot programs for the management of cross-border equity transactions through regional property rights exchanges.</b>In response to the demands of local property rights exchanges for the settlement of cross-border equity transfer funds, we will actively study and introduce supporting foreign exchange management measures and carry out relevant pilot projects when appropriate.</p><p>Fifth, we will conduct pilot projects for integrated capital pools in local and foreign currencies for multinational corporations.<b>Formulate integrated local and foreign currency funds for multinational corporations</b>The pilot program, while raising the entry threshold, relaxes restrictions on cross-border funds, foreign exchange purchase and settlement, and use, supporting large multinational corporations to better manage the cross-border funds of their member companies. It is planned to conduct pilot programs for integrated local and foreign currency capital pools for multinational corporations in some areas where multinational corporations are concentrated.</p><p><b>Sixth, we will continue to simplify the registration and management of some capital account businesses.</b>We will summarize the experience of the one-time registration reform of foreign debt in the Guangdong-Hong Kong-Macao Greater Bay Area and the Hainan Free Trade Port, promote the reform of foreign debt registration management, and expand the pilot scope of one-time registration of foreign debt in due course; Study plans to delegate the registration of corporate foreign debt to banks to further facilitate cross-border financing for enterprises; Promote the delegation of overseas listing registration for domestic enterprises to banks, revise foreign exchange management regulations for overseas listings in due course, improve the management of the use of raised funds, and clarify the relevant registration management for full circulation.</p><p><b>China Foreign Exchange: The Fifth Plenary Session of the 19th CPC Central Committee proposed to build a new system of higher-level open economy and comprehensively improve the level of opening up to the outside world. In the new year, what work will the State Administration of Foreign Exchange carry out to promote high-level and high-quality opening up?</b></p><p><b>Ye Haisheng:</b>In 2021, in accordance with the arrangements of the CPC Central Committee and the State Council, the capital account will adhere to the general principle of seeking progress while maintaining stability, actively plan a new pattern of future capital account opening up, carry out high-level opening-up pilot programs in an orderly manner, improve the convenience of personal foreign exchange use, stimulate new development vitality through deepening reform and opening up, and reform and improve the foreign exchange management system and mechanism that is compatible with the new system of a higher-level open economy under the new development pattern.</p><p><b>First, we will formulate an overall plan for the opening up of the capital account in the future.</b>Strengthen the top-level design of capital account opening-up. Based on in-depth and extensive research, analysis and demonstration, and in accordance with the principles of \"serving the real economy, promoting coordinated progress, taking our own lead, opening up steadily and prudently, adhering to the bottom line, ensuring safety and controllability, strengthening linkage and forming synergy\", formulate the tasks and specific measures for my country's capital account opening-up reform in the near-to-medium term (the 14th Five-Year Plan period) and in the long term, and conduct in-depth assessment of potential risks to build a safe development and risk prevention system for steadily promoting capital account opening-up.</p><p><b>Second, pilot programs for high-level opening up of cross-border trade and investment will be carried out in some regions.</b>Based on summarizing the reform experience in various fields of the capital account in recent years, and following the \"system integration\" approach, we have selected some regions to carry out comprehensive and high-level opening-up pilot projects. A package of opening-up measures will be introduced in pilot areas, covering all areas of cross-border trade, investment and financing, with a focus on supporting the development of the real economy.</p><p><b>Third, we will actively participate in promoting the implementation of negotiations on multilateral and bilateral investment/free trade agreements.</b>Implement the Regional Comprehensive Economic Partnership (RCEP) and clean up capital account foreign exchange management policies that are inconsistent with RCEP requirements; Actively participate in the follow-up work after the completion of the China-EU investment agreement negotiations and promote the signing of the China-EU investment agreement as soon as possible; Actively study and participate in high-level free trade agreements such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), actively participate in negotiations on the China-Korea Free Trade Agreement, the China-Japan-Korea Free Trade Agreement, and the China-Norway Free Trade Agreement, and build a favorable bilateral and multilateral investment environment.</p><p><b>Fourth, we will study the orderly relaxation of business restrictions under personal capital.</b>Revised the management regulations for domestic individuals participating in equity incentive plans of overseas listed companies, cancelled the annual limit on foreign exchange purchase and payment, and optimized the management process; The study demonstrated the feasibility of allowing domestic individuals to conduct overseas investments in securities, insurance, etc., within the annual facilitation limit of US$50,000; We will cooperate with the People's Bank of China to carry out the \"Wealth Management Connect\" pilot program in the Guangdong-Hong Kong-</p><p><b>China Foreign Exchange: In the past year, the State Administration of Foreign Exchange has taken a number of measures to expand the two-way opening of the financial market, such as removing investment quota restrictions for qualified foreign institutional investors, simplifying the management of domestic securities and futures investment funds, and issuing quotas for qualified domestic institutional investors on a regular basis. What are the key tasks for 2021?</b></p><p><b>Ye Haisheng:</b>In 2021, we will align with the requirements of high-level opening-up, focus on the opening-up of the securities market, enhance the internationalization level of the domestic financial market, and promote the opening-up of the capital account in a steady and orderly manner.</p><p><b>First, we will steadily and prudently promote the opening up of the domestic financial market.</b>Unify the policies for opening up the interbank bond market and the exchange bond market to foreign investment, and form a unified institutional framework and policies for opening up the bond market; We will steadily promote the opening up of the domestic financial derivatives market and study appropriately relaxing the restriction that overseas institutional investors can only conduct domestic financial futures trading based on hedging principles.</p><p><b>Second, we will steadily promote the opening up of the stock and bond issuance markets.</b>Improve the funding and exchange management policies for bonds (Panda bonds) issued domestically by overseas institutions; Regulate the management of domestic listings of red-chip companies, relax restrictions on the purchase and remittance of foreign exchange raised by them, and clarify the management rules for the reduction of holdings by overseas shareholders and the purchase and remittance of foreign exchange. Continue to do a good job in foreign exchange management related to the two-way issuance and cross-border conversion of depositary receipts (CDRs/GDRs) under the Shanghai-London Stock Connect.</p><p><b>Third, we will promote the implementation of the Qualified Domestic Institutional Investor (QDII) system.</b>Improve the normalized QDII quota issuance mechanism and further refine the quota issuance rules for various QDII institutions; Increase the total QDII quota in a timely manner, flexibly control the pace and scale of quota issuance according to the foreign exchange receipts and expenditures situation, and meet the cross-border asset allocation needs of domestic market entities; Improve the regular reporting, monitoring and analysis system for QDII institutions.</p><p><b>Fourth, improve the management of overseas investments by insurance institutions.</b>Optimize the overseas investment management policies of insurance institutions, and implement separate management of insurance institutions' overseas direct investment (ODI) and securities investment; Standardize the management of overseas investments by insurance institutions to meet the reasonable needs of insurance funds for overseas asset allocation.</p><p><b>Fifth, we will promote pilot programs for foreign exchange business by securities companies.</b>Continue to promote the pilot work of securities companies' foreign exchange settlement and sales business, improve management systems, standardize and improve relevant foreign exchange accounts, domestic foreign exchange transfer and other rules, and support the healthy development of their foreign exchange settlement and sales business on behalf of clients; Select some strong securities companies to conduct cross-border business pilot programs, formulate pilot rules, reasonably determine cross-border quotas, business types, fund management, etc., support securities companies to grow bigger and stronger, and give full play to their positive role in the foreign exchange market.</p><p><b>China Foreign Exchange: While promoting convenience, how can we effectively prevent risks associated with cross-border capital flows?</b></p><p><b>Ye Haisheng:</b>There will undoubtedly be some challenges in the process of opening up the capital account. In 2021, capital account foreign exchange management will adhere to a bottom-line approach, integrate safe development throughout the entire process of capital account management, continuously improve relevant statistical monitoring and early warning frameworks, promptly predict and effectively prevent disorderly cross-border capital flows, guide market entities to conduct business in accordance with laws and regulations, firmly safeguard the bottom line of preventing systemic financial risks, and effectively safeguard national economic and financial security.</p><p><b>First, we must strengthen situation assessment and prediction.</b>In response to the global economic downturn, excessive liquidity, and asset bubbles caused by the COVID-19 pandemic, we closely monitored the fiscal/monetary policy trends of major economies and regularly analyzed changes in international financial markets. We should conduct in-depth research on the spillover effects of unconventional foreign stimulus policies on my country's balance of payments, RMB exchange rate, and financial markets, and make accurate assessments and predictions of the situation to lay the foundation for formulating and introducing relevant foreign exchange management policies.</p><p><b>Second, strengthen the monitoring of cross-border capital flows.</b>Strengthen the monitoring and analysis of foreign capital inflows and outflows in the stock and bond markets, and continue to implement the daily and monthly reporting systems; Improve the monitoring of external debts and liabilities of financial institutions, especially banks, and strengthen the analysis of changes in external debts of key institutions, especially real estate companies and local government financing vehicles; We will pay close attention to the monitoring of cross-border capital flows under direct investment, continue to do a good job in the Collaborative Direct Investment Survey (CDIS), and strengthen the utilization of existing equity registration data.</p><p><b>Third, strengthen in-process and post-process supervision of capital accounts.</b>Continue to establish and improve a cross-border capital flow management framework that integrates \"macro-prudential + micro-regulation\" in line with the opening-up process, and enhance the management capabilities of abnormal fluctuations in cross-border capital flows; Establish and improve a monitoring, analysis and early warning mechanism for cross-border capital flows, strengthen off-site supervision capabilities, severely crack down on illegal and irregular activities in the foreign exchange sector, and maintain a sound order in the foreign exchange market.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/pmE6aJzNkRjK0ZXgso3JtQ\">中国外汇</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c318bcd91a109139b7d70c76c30bb154","relate_stocks":{},"source_url":"https://mp.weixin.qq.com/s/pmE6aJzNkRjK0ZXgso3JtQ","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1191606301","content_text":"叶海生 国家外汇管理局资本项目管理司司长《中国外汇》：在当前错综复杂的国际形势下，特别是在新冠肺炎疫情的严重冲击下，2021年资本项目外汇管理的总体思路是什么？叶海生：2021年，资本项目外汇管理将坚持稳中求进的工作总基调，统筹改革、发展和稳定关系，合理把握开放节奏，促进跨境资金双向有序流动，维护国际收支平衡；同时，坚持服务实体经济，便利跨境贸易投资，坚持底线思维，防范跨境资本流动风险，坚持深化改革，推动高水平、高质量对外开放。《中国外汇》：2020年，资本项目外汇管理在推进跨境贸易投资便利化方面做了很多工作。2021年还将推出哪些措施？叶海生：2020年，在外汇局党组和局领导的正确领导下，资本项目外汇管理推出了一系列便利化措施，有效支持了疫情防控和企业的复工复产：深化资本市场双向开放，便利跨境证券投资；切实改进管理方式，促进贸易投资便利化；加强分析研判和监测，防范跨境资金流动风险等。2021年，资本项目外汇管理将继续做好“六稳”工作，落实“六保”任务，以服务实体经济为根本，进一步满足市场主体跨境投融资需求，助力畅通国内大循环、促进国内国际双循环。一是推进私募股权投资基金跨境投资试点。支持私募股权投资基金开展跨境产业、实业投资，有序推进合格境外有限合伙人（QFLP）、合格境内有限合伙人（QDLP）试点，规范基金募集、汇兑及投资管理，简化外汇登记操作，完善基金事中、事后监测和报告制度等。二是完善外商直接投资管理。整合、修订现行外商直接投资相关外汇管理法规，落实《中华人民共和国外商投资法》，进一步提升投资便利化程度；修订外国投资者战略投资A股上市公司外汇管理，便利资金汇兑操作。三是完善企业境外放款管理。修订企业境外放款管理规定，规范境外放款资金使用要求；提高企业境外放款宏观审慎调节系数，满足实体企业境外投资经营融资需求。四是研究开展区域产权交易所代理跨境股权交易管理试点。针对各地产权交易所对跨境股权转让资金结算的诉求，积极研究出台配套外汇管理措施，择机开展相关试点。五是开展跨国公司本外币一体化资金池试点。制定跨国公司本外币一体化资金池试点方案，在提高准入门槛的同时，放宽资金跨境、购结汇、使用限制等，支持特大型跨国公司更好地管理成员公司跨境资金；拟在部分跨国公司比较集中的地区，开展跨国公司本外币一体化资金池试点。六是继续简化部分资本项目业务登记管理。总结粤港澳大湾区、海南自贸港等外债一次性登记改革经验，推进外债登记管理改革，适时扩大外债一次性登记的试点范围；研究企业外债登记下放银行办理的方案，进一步便利企业跨境融资；推动境内企业境外上市登记下放银行办理，适时修订境外上市外汇管理规定，完善募集资金使用管理，明确全流通相关登记管理等。《中国外汇》：党的十九届五中全会提出，要建设更高水平开放型经济新体制，全面提高对外开放水平。新的一年，外汇局在推动高水平、高质量对外开放方面将开展哪些工作？叶海生：2021年，资本项目将按照党中央国务院的部署，坚持稳中求进的总基调，积极谋划未来资本项目开放的新格局，有序开展高水平对外开放试点，提升个人用汇便利度，以深化改革开放激发新发展活力，改革并完善与新发展格局下更高水平开放型经济新体制相适应的外汇管理体制机制。一是制定未来资本项目开放的总体规划。加强资本项目开放顶层设计，在深入开展广泛的调研、分析和论证基础上，按照“服务实体、协同推进，以我为主、稳慎开放，坚守底线、安全可控，加强联动、形成合力”的原则，制定近中期（“十四五”时期）和长远期我国资本项目开放改革任务和具体措施，并深入研判潜在风险，构建稳步推进资本项目开放的安全发展和风险防控体系。二是在部分区域开展跨境贸易投资高水平对外开放试点。在总结近年来资本项目各领域改革经验的基础上，按照“系统集成式”思路，选择在部分地区开展全方位、高水平对外开放试点。在试点地区集中出台一揽子开放措施，内容涵盖跨境贸易、投融资各个领域，重点支持实体经济发展。三是积极参与推动落实多双边投资/自贸协定谈判。落实《区域全面经济伙伴关系协定》（RCEP），清理与RCEP要求不符的资本项目外汇管理政策；积极参与中欧投资协定谈判完成的后续工作，推动中欧投资协定尽快签署；积极研究参与《全面与进步跨太平洋伙伴关系协定》（CPTPP）等高水平自贸协定，积极参与中韩自贸协定、中日韩自贸协定、中挪自贸协定谈判，构建良好的双边、多边投资环境。四是研究有序放宽个人资本项下业务限制。修订境内个人参与境外上市公司股权激励计划的管理规定，取消年度购付汇额度限制，优化管理流程；研究论证允许境内个人在年度5万美元便利化额度内开展境外证券、保险等投资的可行性；配合人民银行做好粤港澳大湾区“理财通”试点。《中国外汇》：过去的一年，外汇局采取了多项措施扩大金融市场双向开放，如取消合格境外机构投资者投资额度限制、简化境内证券期货投资资金管理、常态化发放合格境内机构投资者额度等。2021年的工作重点又有哪些？叶海生：2021年，我们将对标对表高水平开放要求，以证券市场开放为重点，提升境内金融市场的国际化水平，稳妥有序地推进资本项目开放。一是稳慎推进境内金融市场的开放。统一银行间债券市场和交易所债券市场对外开放政策，形成规则合一的债券市场开放制度框架和政策；稳妥推进境内金融衍生品市场对外开放，研究适当放宽境外机构投资者只能基于套期保值原则开展境内金融期货交易的限制。二是稳步推进股票、债券发行市场的开放。完善境外机构境内发行债券（熊猫债）资金及汇兑管理政策；规范红筹股企业境内上市管理，放宽其募集资金购汇汇出限制，明确境外股东减持购付汇管理规则；继续做好“沪伦通”项下存托凭证（CDR/GDR）双向发行及跨境转换相关外汇管理工作。三是推进合格境内机构投资者（QDII）的制度实施。完善常态化QDII额度发放机制，进一步完善各类QDII机构额度发放规则；适时提高QDII总额度，根据外汇收支形势灵活把握额度发放的节奏和规模，满足境内市场主体跨境资产配置需求；健全QDII机构定期报告及监测分析制度。四是改进保险机构境外投资管理。优化保险机构境外投资管理政策，对保险机构境外直接投资（ODI）和证券投资实施分别管理；规范保险机构境外投资管理，满足保险资金境外配置资产的合理需求。五是推动证券公司外汇业务试点。继续推进证券公司结售汇业务试点工作，健全管理制度，规范并完善相关外汇账户、境内外汇划转等规则，支持其代客结售汇业务的健康发展；选择部分实力较强的证券公司开展跨境业务试点，制定试点规则，合理确定跨境额度、业务种类、资金管理等，支持证券公司做大做强，发挥证券公司对外汇市场的积极作用。《中国外汇》：在促便利的同时，应如何有效防范跨境资金流动风险？叶海生：在资本项目开放过程中，无疑将面临一些挑战。2021年，资本项目外汇管理将坚持底线思维，把安全发展贯穿资本项目管理的全过程，不断完善相关统计监测和预警框架，及时预判、有效防范跨境资金无序流动，引导市场主体依法合规开展业务，牢牢守住不发生系统性金融风险的底线，有效维护国家经济金融安全。一是加强形势研判、预判。针对新冠肺炎疫情下全球经济低迷、流动性泛滥、资产泡沫等状况，密切关注主要经济体财政/货币政策动向，定期分析国际金融市场的变化；深入研究国外非常规刺激等政策对我国国际收支、人民币汇率、金融市场的外溢影响，做好对形势的研判和预判，为制定出台相关外汇管理政策奠定基础。二是加强跨境资本流动监测。加强对股票、债券市场外资流出入的监测分析，继续落实好日报和月报制度；完善对金融机构，特别是银行对外债权债务的监测，加强对重点机构，尤其是房地产企业、城投企业外债变动的分析；密切关注直接投资项下跨境资金流动监测，继续做好直接投资协同调查（CDIS）工作，加强存量权益登记数据信息的利用。三是强化资本项目事中、事后监管。继续建立健全与开放进程相适应的“宏观审慎+微观监管”两位一体的跨境资本流动管理框架，提升跨境资本流动异常波动的管理能力；建立健全跨境资本流动监测分析预警机制，加强非现场监管能力建设，严厉打击外汇领域违法违规行为，维护外汇市场的良好秩序。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1883,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}
