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马大帅京东分帅
2021-02-19
678
Foreign Exchange Administration officials: Study the orderly relaxation of business restrictions under personal capital
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16:24","market":"us","language":"zh","title":"Foreign Exchange Administration officials: Study the orderly relaxation of business restrictions under personal capital","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 Capital Account Management Department of State Administration of Foreign Exchange</p><p><b>\"China Foreign Exchange\": Under the current complicated international situation, especially under the severe impact of the novel coronavirus pneumonia epidemic, what is the overall idea of capital account foreign exchange management in 2021?</b></p><p><b>Ye Haisheng:</b>In 2021, the foreign exchange management of capital account will adhere to the general tone of seeking progress while maintaining stability, coordinate the relationship between reform, development and stability, reasonably grasp the pace of opening up, promote the two-way orderly flow of cross-border funds, and maintain the balance of international payments; At the same time, we should persist in serving the real economy, facilitate cross-border trade and investment, adhere to bottom-line thinking, guard against cross-border capital flow risks, persist in deepening reforms, and promote high-level and high-quality opening up.</p><p><b>\"China Foreign Exchange\": In 2020, capital account foreign exchange management has done 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 the leaders of the foreign exchange bureau, the foreign exchange management of capital account launched a series of facilitation measures, which effectively supported the 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 cross-border capital flow risks. In 2021, the foreign exchange management of capital account will continue to do a good job in the \"six stability\" work, implement the \"six guarantees\" task, take serving the real economy as the foundation, further meet the cross-border investment and financing needs of market players, help smooth the domestic circulation, and promote domestic and international double circulation.</p><p><b>First, promote the pilot project of cross-border investment of private equity investment funds.</b>Support private equity investment funds to carry out cross-border industrial and industrial investments, promote the pilot projects of qualified overseas limited partners (QFLP) and qualified domestic limited partners (QDLP) in an orderly manner, standardize fund raising, exchange and investment management, simplify foreign exchange registration operations, and improve the fund's in-process and post-event monitoring and reporting system, etc.</p><p><b>The second is to improve the management of foreign direct investment.</b>Integrate and revise the current foreign exchange management regulations related to foreign direct investment, implement the Foreign Investment Law of the People's Republic of China, and further enhance the degree of investment facilitation; Revise the foreign exchange management of foreign investors' strategic investment in A-share listed companies to facilitate capital exchange operations.</p><p><b>The third is to improve the management of overseas loans of enterprises.</b>Revise the regulations on the management of overseas lending by enterprises and standardize the requirements for the use of overseas lending funds; Improve the macro-prudential adjustment coefficient of overseas lending of enterprises to meet the financing needs of overseas investment and operation of entity enterprises.</p><p><b>The fourth is to study and carry out the pilot project of cross-border equity transaction management of 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 actively study and introduce supporting foreign exchange management measures, and choose opportunities to carry out relevant pilot projects.</p><p>The fifth is to carry out the pilot project of integrated local and foreign currency fund pool of multinational companies.<b>Formulate local and foreign currency integrated funds for multinational corporations</b>The pool pilot program, while raising the entry threshold, relaxes restrictions on cross-border funds, purchase and settlement of foreign exchange, and use, and supports super-large multinational companies to better manage cross-border funds of member companies; It is planned to carry out a pilot project of integrated local and foreign currency fund pool for multinational companies in some areas where multinational companies are concentrated.</p><p><b>Sixth, continue to simplify the registration and management of some capital account businesses.</b>Summarize the experience of one-time registration reform of foreign debts such as Guangdong-Hong Kong-Macau Greater Bay Area and Hainan Free Trade Port, promote the reform of foreign debt registration management, and expand the pilot scope of one-time registration of foreign debts in due course; Study the scheme of decentralizing foreign debt registration of enterprises to banks to further facilitate cross-border financing of enterprises; Promote the decentralization of overseas listing registration of domestic enterprises to banks, timely revise the foreign exchange management regulations for overseas listing, improve the management of the use of raised funds, and clarify the registration management related to full circulation.</p><p><b>China Foreign Exchange: The Fifth Plenary Session of the 19th Central Committee of the Communist Party of China proposed to build a new open economic system with a higher level 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, the capital account will follow the deployment of the Party Central Committee and the State Council, adhere to the general tone of seeking progress while maintaining stability, actively plan a new pattern of capital account opening in the future, carry out high-level opening-up pilot projects in an orderly manner, improve the convenience of personal foreign exchange use, and deepen Reform and opening up stimulate new development vitality, and reform and improve the foreign exchange management system and mechanism that are compatible with the new higher-level open economy system under the new development paradigm.</p><p><b>The first is to formulate an overall plan for future capital account opening.</b>Strengthen the top-level design of capital account opening, and on the basis of in-depth and extensive research, analysis and demonstration, and in accordance with the principle of \"serving entities, coordinated advancement, focusing on ourselves, steady and prudent opening up, sticking to the bottom line, being safe and controllable, strengthening linkage and forming synergy\", formulate tasks and specific measures for my country's capital account opening reform in the near and medium term (\"14th Five-Year Plan\" period) and long term, and conduct in-depth research and judgment of potential risks to build a safe development and risk prevention and control system.</p><p><b>The second is to carry out high-level pilot projects for opening up cross-border trade and investment in some regions.</b>On the basis of summarizing the reform experience in various fields of capital account in recent years, and in accordance with the idea of \"system integration\", some areas have been selected to carry out all-round and high-level pilot projects of opening to the outside world. A package of opening-up measures will be introduced in pilot areas, covering cross-border trade, investment and financing, with emphasis on supporting the development of the real economy.</p><p><b>Third, actively participate in promoting the implementation of multilateral and bilateral investment/free trade agreement negotiations.</b>Implement the Regional Comprehensive Economic Partnership Agreement (RCEP) and clean up capital account foreign exchange management policies that are inconsistent with RCEP requirements; Actively participate in the follow-up work of the completion of the China-EU Agreement on Investment negotiations and promote the signing of the China-EU Agreement on Investment 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 the negotiations of China-South Korea Free Trade Agreement, China-Japan-South Korea Free Trade Agreement, and China-Norway Free Trade Agreement, and build a good bilateral and multilateral investment environment.</p><p><b>The fourth is to study the orderly relaxation of business restrictions under personal capital.</b>Revise the regulations on the management of domestic individuals' participation in equity incentive plans of overseas listed companies, cancel the annual foreign exchange purchase and payment quota limit, and optimize the management process; Study and demonstrate the feasibility of allowing domestic individuals to invest in overseas securities, insurance and other investments within the annual facilitation quota of US $50,000; Cooperate with the People's Bank of China to do a good job in the pilot project of \"Wealth Management Connect\" in Guangdong-Hong Kong-Macau Greater Bay Area.</p><p><b>\"China Foreign Exchange\": In the past year, the SAFE has taken a number of measures to expand the two-way opening of the financial market, such as abolishing the investment quota restriction of qualified foreign institutional investors, simplifying the management of domestic securities and futures investment funds, and normalizing the issuance of qualified domestic institutional investors. Investor quota, etc. What are the priorities of work in 2021?</b></p><p><b>Ye Haisheng:</b>In 2021, we will meet the high-level opening requirements of benchmarking and balance sheets, focus on the opening of the securities market, enhance the internationalization level of the domestic financial market, and promote the opening of capital accounts in a steady and orderly manner.</p><p><b>First, steadily and prudently promote the opening up of the domestic financial market.</b>Unify the opening policies of the inter-bank bond market and the exchange bond market, and form an institutional framework and policy for the opening of the bond market with integrated rules; We will steadily promote the opening up of the domestic financial derivatives market to the outside world, and study and appropriately relax the restriction that foreign institutional investors can only conduct domestic financial futures transactions based on the principle of hedging.</p><p><b>The second is to steadily promote the opening up of the stock and bond issuance markets.</b>Improve the funds and exchange management policies for domestic issuance of bonds (panda bonds) by overseas institutions; Standardize the domestic listing management of red-chip enterprises, relax the restrictions on the purchase and remittance of foreign exchange of raised funds, and clarify the management rules for foreign shareholders to reduce their holdings, purchase and payment 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 (CDR/GDR) under the \"Shanghai-London Stock Connect\".</p><p><b>The third is to promote the implementation of the Qualified Domestic Institutional Investor (QDII) system.</b>Improve the normalized QDII quota issuance mechanism, and further improve the quota issuance rules of various QDII institutions; Increase the total QDII quota in a timely manner, flexibly grasp the rhythm and scale of quota issuance according to the situation of foreign exchange receipts and payments, and meet the cross-border asset allocation needs of domestic market entities; Improve the regular reporting and monitoring and analysis system of QDII institutions.</p><p><b>The fourth is to improve the overseas investment management of insurance institutions.</b>Optimize the overseas investment management policies of insurance institutions, and implement separate management of overseas direct investment (ODI) and securities investment of insurance institutions; Standardize the overseas investment management of insurance institutions to meet the reasonable needs of insurance funds for overseas allocation of assets.</p><p><b>The fifth is to promote the pilot foreign exchange business of securities companies.</b>Continue to promote the pilot work of foreign exchange settlement and sale business of securities companies, improve the management system, standardize and improve the relevant rules of foreign exchange accounts and domestic foreign exchange transfers, and support the healthy development of their foreign exchange settlement and sale business on behalf of customers; Select some strong securities companies to carry out cross-border business pilots, formulate pilot rules, reasonably determine cross-border quotas, business types, fund management, etc., support securities companies to become bigger and stronger, and give full play to the positive role of securities companies in the foreign exchange market.</p><p><b>China Foreign Exchange: While promoting convenience, how should we effectively prevent the risk of cross-border capital flow?</b></p><p><b>Ye Haisheng:</b>In the process of capital account opening, there will undoubtedly be some challenges. In 2021, capital account foreign exchange management will adhere to the bottom line thinking, integrate safe development throughout the entire process of capital account management, continuously improve relevant statistical monitoring and early warning frameworks, timely predict and effectively prevent the disorderly flow of cross-border funds, guide market entities to conduct business in compliance with laws and regulations, firmly adhere to the bottom line of preventing systemic financial risks, and effectively safeguard national economic and financial security.</p><p><b>The first is to strengthen situation judgment and prediction.</b>In view of the global economic downturn, flooding of liquidity, and asset bubbles under the novel coronavirus pneumonia epidemic, we pay close attention to the fiscal/monetary policy trends of major economies and regularly analyze the changes of international financial markets; In-depth study of the spillover impact of foreign unconventional stimulus and other policies on my country's international balance of payments, RMB exchange rate, and financial market, do a good job in judging and predicting the situation, and lay the foundation for the formulation and introduction of relevant foreign exchange management policies.</p><p><b>The second is to 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 report system; Improve the monitoring of financial institutions, especially banks' external creditor's rights and debts, and strengthen the analysis of foreign debt changes of key institutions, especially real estate enterprises and urban investment enterprises; Pay close attention to the monitoring of cross-border capital flows under direct investment, continue to do a good job in the collaborative survey of direct investment (CDIS), and strengthen the utilization of existing equity registration data information.</p><p><b>The third is to strengthen the supervision of capital projects during and after the event.</b>Continue to establish and improve the cross-border capital flow management framework of \"macro-prudential + micro-supervision\" that is compatible with the opening-up process, and improve the management ability of abnormal fluctuations in cross-border capital flows; Establish and improve the monitoring, analysis and early warning mechanism of cross-border capital flows, strengthen the capacity building of off-site supervision, severely crack down on violations of laws and regulations in the foreign exchange field, and maintain a good 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; 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At the same time, we should persist in serving the real economy, facilitate cross-border trade and investment, adhere to bottom-line thinking, guard against cross-border capital flow risks, persist in deepening reforms, and promote high-level and high-quality opening up.</p><p><b>\"China Foreign Exchange\": In 2020, capital account foreign exchange management has done 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 the leaders of the foreign exchange bureau, the foreign exchange management of capital account launched a series of facilitation measures, which effectively supported the 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 cross-border capital flow risks. In 2021, the foreign exchange management of capital account will continue to do a good job in the \"six stability\" work, implement the \"six guarantees\" task, take serving the real economy as the foundation, further meet the cross-border investment and financing needs of market players, help smooth the domestic circulation, and promote domestic and international double circulation.</p><p><b>First, promote the pilot project of cross-border investment of private equity investment funds.</b>Support private equity investment funds to carry out cross-border industrial and industrial investments, promote the pilot projects of qualified overseas limited partners (QFLP) and qualified domestic limited partners (QDLP) in an orderly manner, standardize fund raising, exchange and investment management, simplify foreign exchange registration operations, and improve the fund's in-process and post-event monitoring and reporting system, etc.</p><p><b>The second is to improve the management of foreign direct investment.</b>Integrate and revise the current foreign exchange management regulations related to foreign direct investment, implement the Foreign Investment Law of the People's Republic of China, and further enhance the degree of investment facilitation; Revise the foreign exchange management of foreign investors' strategic investment in A-share listed companies to facilitate capital exchange operations.</p><p><b>The third is to improve the management of overseas loans of enterprises.</b>Revise the regulations on the management of overseas lending by enterprises and standardize the requirements for the use of overseas lending funds; Improve the macro-prudential adjustment coefficient of overseas lending of enterprises to meet the financing needs of overseas investment and operation of entity enterprises.</p><p><b>The fourth is to study and carry out the pilot project of cross-border equity transaction management of 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 actively study and introduce supporting foreign exchange management measures, and choose opportunities to carry out relevant pilot projects.</p><p>The fifth is to carry out the pilot project of integrated local and foreign currency fund pool of multinational companies.<b>Formulate local and foreign currency integrated funds for multinational corporations</b>The pool pilot program, while raising the entry threshold, relaxes restrictions on cross-border funds, purchase and settlement of foreign exchange, and use, and supports super-large multinational companies to better manage cross-border funds of member companies; It is planned to carry out a pilot project of integrated local and foreign currency fund pool for multinational companies in some areas where multinational companies are concentrated.</p><p><b>Sixth, continue to simplify the registration and management of some capital account businesses.</b>Summarize the experience of one-time registration reform of foreign debts such as Guangdong-Hong Kong-Macau Greater Bay Area and Hainan Free Trade Port, promote the reform of foreign debt registration management, and expand the pilot scope of one-time registration of foreign debts in due course; Study the scheme of decentralizing foreign debt registration of enterprises to banks to further facilitate cross-border financing of enterprises; Promote the decentralization of overseas listing registration of domestic enterprises to banks, timely revise the foreign exchange management regulations for overseas listing, improve the management of the use of raised funds, and clarify the registration management related to full circulation.</p><p><b>China Foreign Exchange: The Fifth Plenary Session of the 19th Central Committee of the Communist Party of China proposed to build a new open economic system with a higher level 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, the capital account will follow the deployment of the Party Central Committee and the State Council, adhere to the general tone of seeking progress while maintaining stability, actively plan a new pattern of capital account opening in the future, carry out high-level opening-up pilot projects in an orderly manner, improve the convenience of personal foreign exchange use, and deepen Reform and opening up stimulate new development vitality, and reform and improve the foreign exchange management system and mechanism that are compatible with the new higher-level open economy system under the new development paradigm.</p><p><b>The first is to formulate an overall plan for future capital account opening.</b>Strengthen the top-level design of capital account opening, and on the basis of in-depth and extensive research, analysis and demonstration, and in accordance with the principle of \"serving entities, coordinated advancement, focusing on ourselves, steady and prudent opening up, sticking to the bottom line, being safe and controllable, strengthening linkage and forming synergy\", formulate tasks and specific measures for my country's capital account opening reform in the near and medium term (\"14th Five-Year Plan\" period) and long term, and conduct in-depth research and judgment of potential risks to build a safe development and risk prevention and control system.</p><p><b>The second is to carry out high-level pilot projects for opening up cross-border trade and investment in some regions.</b>On the basis of summarizing the reform experience in various fields of capital account in recent years, and in accordance with the idea of \"system integration\", some areas have been selected to carry out all-round and high-level pilot projects of opening to the outside world. A package of opening-up measures will be introduced in pilot areas, covering cross-border trade, investment and financing, with emphasis on supporting the development of the real economy.</p><p><b>Third, actively participate in promoting the implementation of multilateral and bilateral investment/free trade agreement negotiations.</b>Implement the Regional Comprehensive Economic Partnership Agreement (RCEP) and clean up capital account foreign exchange management policies that are inconsistent with RCEP requirements; Actively participate in the follow-up work of the completion of the China-EU Agreement on Investment negotiations and promote the signing of the China-EU Agreement on Investment 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 the negotiations of China-South Korea Free Trade Agreement, China-Japan-South Korea Free Trade Agreement, and China-Norway Free Trade Agreement, and build a good bilateral and multilateral investment environment.</p><p><b>The fourth is to study the orderly relaxation of business restrictions under personal capital.</b>Revise the regulations on the management of domestic individuals' participation in equity incentive plans of overseas listed companies, cancel the annual foreign exchange purchase and payment quota limit, and optimize the management process; Study and demonstrate the feasibility of allowing domestic individuals to invest in overseas securities, insurance and other investments within the annual facilitation quota of US $50,000; Cooperate with the People's Bank of China to do a good job in the pilot project of \"Wealth Management Connect\" in Guangdong-Hong Kong-Macau Greater Bay Area.</p><p><b>\"China Foreign Exchange\": In the past year, the SAFE has taken a number of measures to expand the two-way opening of the financial market, such as abolishing the investment quota restriction of qualified foreign institutional investors, simplifying the management of domestic securities and futures investment funds, and normalizing the issuance of qualified domestic institutional investors. Investor quota, etc. What are the priorities of work in 2021?</b></p><p><b>Ye Haisheng:</b>In 2021, we will meet the high-level opening requirements of benchmarking and balance sheets, focus on the opening of the securities market, enhance the internationalization level of the domestic financial market, and promote the opening of capital accounts in a steady and orderly manner.</p><p><b>First, steadily and prudently promote the opening up of the domestic financial market.</b>Unify the opening policies of the inter-bank bond market and the exchange bond market, and form an institutional framework and policy for the opening of the bond market with integrated rules; We will steadily promote the opening up of the domestic financial derivatives market to the outside world, and study and appropriately relax the restriction that foreign institutional investors can only conduct domestic financial futures transactions based on the principle of hedging.</p><p><b>The second is to steadily promote the opening up of the stock and bond issuance markets.</b>Improve the funds and exchange management policies for domestic issuance of bonds (panda bonds) by overseas institutions; Standardize the domestic listing management of red-chip enterprises, relax the restrictions on the purchase and remittance of foreign exchange of raised funds, and clarify the management rules for foreign shareholders to reduce their holdings, purchase and payment 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 (CDR/GDR) under the \"Shanghai-London Stock Connect\".</p><p><b>The third is to promote the implementation of the Qualified Domestic Institutional Investor (QDII) system.</b>Improve the normalized QDII quota issuance mechanism, and further improve the quota issuance rules of various QDII institutions; Increase the total QDII quota in a timely manner, flexibly grasp the rhythm and scale of quota issuance according to the situation of foreign exchange receipts and payments, and meet the cross-border asset allocation needs of domestic market entities; Improve the regular reporting and monitoring and analysis system of QDII institutions.</p><p><b>The fourth is to improve the overseas investment management of insurance institutions.</b>Optimize the overseas investment management policies of insurance institutions, and implement separate management of overseas direct investment (ODI) and securities investment of insurance institutions; Standardize the overseas investment management of insurance institutions to meet the reasonable needs of insurance funds for overseas allocation of assets.</p><p><b>The fifth is to promote the pilot foreign exchange business of securities companies.</b>Continue to promote the pilot work of foreign exchange settlement and sale business of securities companies, improve the management system, standardize and improve the relevant rules of foreign exchange accounts and domestic foreign exchange transfers, and support the healthy development of their foreign exchange settlement and sale business on behalf of customers; Select some strong securities companies to carry out cross-border business pilots, formulate pilot rules, reasonably determine cross-border quotas, business types, fund management, etc., support securities companies to become bigger and stronger, and give full play to the positive role of securities companies in the foreign exchange market.</p><p><b>China Foreign Exchange: While promoting convenience, how should we effectively prevent the risk of cross-border capital flow?</b></p><p><b>Ye Haisheng:</b>In the process of capital account opening, there will undoubtedly be some challenges. In 2021, capital account foreign exchange management will adhere to the bottom line thinking, integrate safe development throughout the entire process of capital account management, continuously improve relevant statistical monitoring and early warning frameworks, timely predict and effectively prevent the disorderly flow of cross-border funds, guide market entities to conduct business in compliance with laws and regulations, firmly adhere to the bottom line of preventing systemic financial risks, and effectively safeguard national economic and financial security.</p><p><b>The first is to strengthen situation judgment and prediction.</b>In view of the global economic downturn, flooding of liquidity, and asset bubbles under the novel coronavirus pneumonia epidemic, we pay close attention to the fiscal/monetary policy trends of major economies and regularly analyze the changes of international financial markets; In-depth study of the spillover impact of foreign unconventional stimulus and other policies on my country's international balance of payments, RMB exchange rate, and financial market, do a good job in judging and predicting the situation, and lay the foundation for the formulation and introduction of relevant foreign exchange management policies.</p><p><b>The second is to 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 report system; Improve the monitoring of financial institutions, especially banks' external creditor's rights and debts, and strengthen the analysis of foreign debt changes of key institutions, especially real estate enterprises and urban investment enterprises; Pay close attention to the monitoring of cross-border capital flows under direct investment, continue to do a good job in the collaborative survey of direct investment (CDIS), and strengthen the utilization of existing equity registration data information.</p><p><b>The third is to strengthen the supervision of capital projects during and after the event.</b>Continue to establish and improve the cross-border capital flow management framework of \"macro-prudential + micro-supervision\" that is compatible with the opening-up process, and improve the management ability of abnormal fluctuations in cross-border capital flows; Establish and improve the monitoring, analysis and early warning mechanism of cross-border capital flows, strengthen the capacity building of off-site supervision, severely crack down on violations of laws and regulations in the foreign exchange field, and maintain a good 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":918,"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":[],"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":"us","language":"zh","title":"Foreign Exchange Administration officials: Study the orderly relaxation of business restrictions under personal capital","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 Capital Account Management Department of State Administration of Foreign Exchange</p><p><b>\"China Foreign Exchange\": Under the current complicated international situation, especially under the severe impact of the novel coronavirus pneumonia epidemic, what is the overall idea of capital account foreign exchange management in 2021?</b></p><p><b>Ye Haisheng:</b>In 2021, the foreign exchange management of capital account will adhere to the general tone of seeking progress while maintaining stability, coordinate the relationship between reform, development and stability, reasonably grasp the pace of opening up, promote the two-way orderly flow of cross-border funds, and maintain the balance of international payments; At the same time, we should persist in serving the real economy, facilitate cross-border trade and investment, adhere to bottom-line thinking, guard against cross-border capital flow risks, persist in deepening reforms, and promote high-level and high-quality opening up.</p><p><b>\"China Foreign Exchange\": In 2020, capital account foreign exchange management has done 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 the leaders of the foreign exchange bureau, the foreign exchange management of capital account launched a series of facilitation measures, which effectively supported the 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 cross-border capital flow risks. In 2021, the foreign exchange management of capital account will continue to do a good job in the \"six stability\" work, implement the \"six guarantees\" task, take serving the real economy as the foundation, further meet the cross-border investment and financing needs of market players, help smooth the domestic circulation, and promote domestic and international double circulation.</p><p><b>First, promote the pilot project of cross-border investment of private equity investment funds.</b>Support private equity investment funds to carry out cross-border industrial and industrial investments, promote the pilot projects of qualified overseas limited partners (QFLP) and qualified domestic limited partners (QDLP) in an orderly manner, standardize fund raising, exchange and investment management, simplify foreign exchange registration operations, and improve the fund's in-process and post-event monitoring and reporting system, etc.</p><p><b>The second is to improve the management of foreign direct investment.</b>Integrate and revise the current foreign exchange management regulations related to foreign direct investment, implement the Foreign Investment Law of the People's Republic of China, and further enhance the degree of investment facilitation; Revise the foreign exchange management of foreign investors' strategic investment in A-share listed companies to facilitate capital exchange operations.</p><p><b>The third is to improve the management of overseas loans of enterprises.</b>Revise the regulations on the management of overseas lending by enterprises and standardize the requirements for the use of overseas lending funds; Improve the macro-prudential adjustment coefficient of overseas lending of enterprises to meet the financing needs of overseas investment and operation of entity enterprises.</p><p><b>The fourth is to study and carry out the pilot project of cross-border equity transaction management of 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 actively study and introduce supporting foreign exchange management measures, and choose opportunities to carry out relevant pilot projects.</p><p>The fifth is to carry out the pilot project of integrated local and foreign currency fund pool of multinational companies.<b>Formulate local and foreign currency integrated funds for multinational corporations</b>The pool pilot program, while raising the entry threshold, relaxes restrictions on cross-border funds, purchase and settlement of foreign exchange, and use, and supports super-large multinational companies to better manage cross-border funds of member companies; It is planned to carry out a pilot project of integrated local and foreign currency fund pool for multinational companies in some areas where multinational companies are concentrated.</p><p><b>Sixth, continue to simplify the registration and management of some capital account businesses.</b>Summarize the experience of one-time registration reform of foreign debts such as Guangdong-Hong Kong-Macau Greater Bay Area and Hainan Free Trade Port, promote the reform of foreign debt registration management, and expand the pilot scope of one-time registration of foreign debts in due course; Study the scheme of decentralizing foreign debt registration of enterprises to banks to further facilitate cross-border financing of enterprises; Promote the decentralization of overseas listing registration of domestic enterprises to banks, timely revise the foreign exchange management regulations for overseas listing, improve the management of the use of raised funds, and clarify the registration management related to full circulation.</p><p><b>China Foreign Exchange: The Fifth Plenary Session of the 19th Central Committee of the Communist Party of China proposed to build a new open economic system with a higher level 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, the capital account will follow the deployment of the Party Central Committee and the State Council, adhere to the general tone of seeking progress while maintaining stability, actively plan a new pattern of capital account opening in the future, carry out high-level opening-up pilot projects in an orderly manner, improve the convenience of personal foreign exchange use, and deepen Reform and opening up stimulate new development vitality, and reform and improve the foreign exchange management system and mechanism that are compatible with the new higher-level open economy system under the new development paradigm.</p><p><b>The first is to formulate an overall plan for future capital account opening.</b>Strengthen the top-level design of capital account opening, and on the basis of in-depth and extensive research, analysis and demonstration, and in accordance with the principle of \"serving entities, coordinated advancement, focusing on ourselves, steady and prudent opening up, sticking to the bottom line, being safe and controllable, strengthening linkage and forming synergy\", formulate tasks and specific measures for my country's capital account opening reform in the near and medium term (\"14th Five-Year Plan\" period) and long term, and conduct in-depth research and judgment of potential risks to build a safe development and risk prevention and control system.</p><p><b>The second is to carry out high-level pilot projects for opening up cross-border trade and investment in some regions.</b>On the basis of summarizing the reform experience in various fields of capital account in recent years, and in accordance with the idea of \"system integration\", some areas have been selected to carry out all-round and high-level pilot projects of opening to the outside world. A package of opening-up measures will be introduced in pilot areas, covering cross-border trade, investment and financing, with emphasis on supporting the development of the real economy.</p><p><b>Third, actively participate in promoting the implementation of multilateral and bilateral investment/free trade agreement negotiations.</b>Implement the Regional Comprehensive Economic Partnership Agreement (RCEP) and clean up capital account foreign exchange management policies that are inconsistent with RCEP requirements; Actively participate in the follow-up work of the completion of the China-EU Agreement on Investment negotiations and promote the signing of the China-EU Agreement on Investment 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 the negotiations of China-South Korea Free Trade Agreement, China-Japan-South Korea Free Trade Agreement, and China-Norway Free Trade Agreement, and build a good bilateral and multilateral investment environment.</p><p><b>The fourth is to study the orderly relaxation of business restrictions under personal capital.</b>Revise the regulations on the management of domestic individuals' participation in equity incentive plans of overseas listed companies, cancel the annual foreign exchange purchase and payment quota limit, and optimize the management process; Study and demonstrate the feasibility of allowing domestic individuals to invest in overseas securities, insurance and other investments within the annual facilitation quota of US $50,000; Cooperate with the People's Bank of China to do a good job in the pilot project of \"Wealth Management Connect\" in Guangdong-Hong Kong-Macau Greater Bay Area.</p><p><b>\"China Foreign Exchange\": In the past year, the SAFE has taken a number of measures to expand the two-way opening of the financial market, such as abolishing the investment quota restriction of qualified foreign institutional investors, simplifying the management of domestic securities and futures investment funds, and normalizing the issuance of qualified domestic institutional investors. Investor quota, etc. What are the priorities of work in 2021?</b></p><p><b>Ye Haisheng:</b>In 2021, we will meet the high-level opening requirements of benchmarking and balance sheets, focus on the opening of the securities market, enhance the internationalization level of the domestic financial market, and promote the opening of capital accounts in a steady and orderly manner.</p><p><b>First, steadily and prudently promote the opening up of the domestic financial market.</b>Unify the opening policies of the inter-bank bond market and the exchange bond market, and form an institutional framework and policy for the opening of the bond market with integrated rules; We will steadily promote the opening up of the domestic financial derivatives market to the outside world, and study and appropriately relax the restriction that foreign institutional investors can only conduct domestic financial futures transactions based on the principle of hedging.</p><p><b>The second is to steadily promote the opening up of the stock and bond issuance markets.</b>Improve the funds and exchange management policies for domestic issuance of bonds (panda bonds) by overseas institutions; Standardize the domestic listing management of red-chip enterprises, relax the restrictions on the purchase and remittance of foreign exchange of raised funds, and clarify the management rules for foreign shareholders to reduce their holdings, purchase and payment 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 (CDR/GDR) under the \"Shanghai-London Stock Connect\".</p><p><b>The third is to promote the implementation of the Qualified Domestic Institutional Investor (QDII) system.</b>Improve the normalized QDII quota issuance mechanism, and further improve the quota issuance rules of various QDII institutions; Increase the total QDII quota in a timely manner, flexibly grasp the rhythm and scale of quota issuance according to the situation of foreign exchange receipts and payments, and meet the cross-border asset allocation needs of domestic market entities; Improve the regular reporting and monitoring and analysis system of QDII institutions.</p><p><b>The fourth is to improve the overseas investment management of insurance institutions.</b>Optimize the overseas investment management policies of insurance institutions, and implement separate management of overseas direct investment (ODI) and securities investment of insurance institutions; Standardize the overseas investment management of insurance institutions to meet the reasonable needs of insurance funds for overseas allocation of assets.</p><p><b>The fifth is to promote the pilot foreign exchange business of securities companies.</b>Continue to promote the pilot work of foreign exchange settlement and sale business of securities companies, improve the management system, standardize and improve the relevant rules of foreign exchange accounts and domestic foreign exchange transfers, and support the healthy development of their foreign exchange settlement and sale business on behalf of customers; Select some strong securities companies to carry out cross-border business pilots, formulate pilot rules, reasonably determine cross-border quotas, business types, fund management, etc., support securities companies to become bigger and stronger, and give full play to the positive role of securities companies in the foreign exchange market.</p><p><b>China Foreign Exchange: While promoting convenience, how should we effectively prevent the risk of cross-border capital flow?</b></p><p><b>Ye Haisheng:</b>In the process of capital account opening, there will undoubtedly be some challenges. In 2021, capital account foreign exchange management will adhere to the bottom line thinking, integrate safe development throughout the entire process of capital account management, continuously improve relevant statistical monitoring and early warning frameworks, timely predict and effectively prevent the disorderly flow of cross-border funds, guide market entities to conduct business in compliance with laws and regulations, firmly adhere to the bottom line of preventing systemic financial risks, and effectively safeguard national economic and financial security.</p><p><b>The first is to strengthen situation judgment and prediction.</b>In view of the global economic downturn, flooding of liquidity, and asset bubbles under the novel coronavirus pneumonia epidemic, we pay close attention to the fiscal/monetary policy trends of major economies and regularly analyze the changes of international financial markets; In-depth study of the spillover impact of foreign unconventional stimulus and other policies on my country's international balance of payments, RMB exchange rate, and financial market, do a good job in judging and predicting the situation, and lay the foundation for the formulation and introduction of relevant foreign exchange management policies.</p><p><b>The second is to 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 report system; Improve the monitoring of financial institutions, especially banks' external creditor's rights and debts, and strengthen the analysis of foreign debt changes of key institutions, especially real estate enterprises and urban investment enterprises; Pay close attention to the monitoring of cross-border capital flows under direct investment, continue to do a good job in the collaborative survey of direct investment (CDIS), and strengthen the utilization of existing equity registration data information.</p><p><b>The third is to strengthen the supervision of capital projects during and after the event.</b>Continue to establish and improve the cross-border capital flow management framework of \"macro-prudential + micro-supervision\" that is compatible with the opening-up process, and improve the management ability of abnormal fluctuations in cross-border capital flows; Establish and improve the monitoring, analysis and early warning mechanism of cross-border capital flows, strengthen the capacity building of off-site supervision, severely crack down on violations of laws and regulations in the foreign exchange field, and maintain a good 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; 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At the same time, we should persist in serving the real economy, facilitate cross-border trade and investment, adhere to bottom-line thinking, guard against cross-border capital flow risks, persist in deepening reforms, and promote high-level and high-quality opening up.</p><p><b>\"China Foreign Exchange\": In 2020, capital account foreign exchange management has done 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 the leaders of the foreign exchange bureau, the foreign exchange management of capital account launched a series of facilitation measures, which effectively supported the 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 cross-border capital flow risks. In 2021, the foreign exchange management of capital account will continue to do a good job in the \"six stability\" work, implement the \"six guarantees\" task, take serving the real economy as the foundation, further meet the cross-border investment and financing needs of market players, help smooth the domestic circulation, and promote domestic and international double circulation.</p><p><b>First, promote the pilot project of cross-border investment of private equity investment funds.</b>Support private equity investment funds to carry out cross-border industrial and industrial investments, promote the pilot projects of qualified overseas limited partners (QFLP) and qualified domestic limited partners (QDLP) in an orderly manner, standardize fund raising, exchange and investment management, simplify foreign exchange registration operations, and improve the fund's in-process and post-event monitoring and reporting system, etc.</p><p><b>The second is to improve the management of foreign direct investment.</b>Integrate and revise the current foreign exchange management regulations related to foreign direct investment, implement the Foreign Investment Law of the People's Republic of China, and further enhance the degree of investment facilitation; Revise the foreign exchange management of foreign investors' strategic investment in A-share listed companies to facilitate capital exchange operations.</p><p><b>The third is to improve the management of overseas loans of enterprises.</b>Revise the regulations on the management of overseas lending by enterprises and standardize the requirements for the use of overseas lending funds; Improve the macro-prudential adjustment coefficient of overseas lending of enterprises to meet the financing needs of overseas investment and operation of entity enterprises.</p><p><b>The fourth is to study and carry out the pilot project of cross-border equity transaction management of 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 actively study and introduce supporting foreign exchange management measures, and choose opportunities to carry out relevant pilot projects.</p><p>The fifth is to carry out the pilot project of integrated local and foreign currency fund pool of multinational companies.<b>Formulate local and foreign currency integrated funds for multinational corporations</b>The pool pilot program, while raising the entry threshold, relaxes restrictions on cross-border funds, purchase and settlement of foreign exchange, and use, and supports super-large multinational companies to better manage cross-border funds of member companies; It is planned to carry out a pilot project of integrated local and foreign currency fund pool for multinational companies in some areas where multinational companies are concentrated.</p><p><b>Sixth, continue to simplify the registration and management of some capital account businesses.</b>Summarize the experience of one-time registration reform of foreign debts such as Guangdong-Hong Kong-Macau Greater Bay Area and Hainan Free Trade Port, promote the reform of foreign debt registration management, and expand the pilot scope of one-time registration of foreign debts in due course; Study the scheme of decentralizing foreign debt registration of enterprises to banks to further facilitate cross-border financing of enterprises; Promote the decentralization of overseas listing registration of domestic enterprises to banks, timely revise the foreign exchange management regulations for overseas listing, improve the management of the use of raised funds, and clarify the registration management related to full circulation.</p><p><b>China Foreign Exchange: The Fifth Plenary Session of the 19th Central Committee of the Communist Party of China proposed to build a new open economic system with a higher level 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, the capital account will follow the deployment of the Party Central Committee and the State Council, adhere to the general tone of seeking progress while maintaining stability, actively plan a new pattern of capital account opening in the future, carry out high-level opening-up pilot projects in an orderly manner, improve the convenience of personal foreign exchange use, and deepen Reform and opening up stimulate new development vitality, and reform and improve the foreign exchange management system and mechanism that are compatible with the new higher-level open economy system under the new development paradigm.</p><p><b>The first is to formulate an overall plan for future capital account opening.</b>Strengthen the top-level design of capital account opening, and on the basis of in-depth and extensive research, analysis and demonstration, and in accordance with the principle of \"serving entities, coordinated advancement, focusing on ourselves, steady and prudent opening up, sticking to the bottom line, being safe and controllable, strengthening linkage and forming synergy\", formulate tasks and specific measures for my country's capital account opening reform in the near and medium term (\"14th Five-Year Plan\" period) and long term, and conduct in-depth research and judgment of potential risks to build a safe development and risk prevention and control system.</p><p><b>The second is to carry out high-level pilot projects for opening up cross-border trade and investment in some regions.</b>On the basis of summarizing the reform experience in various fields of capital account in recent years, and in accordance with the idea of \"system integration\", some areas have been selected to carry out all-round and high-level pilot projects of opening to the outside world. A package of opening-up measures will be introduced in pilot areas, covering cross-border trade, investment and financing, with emphasis on supporting the development of the real economy.</p><p><b>Third, actively participate in promoting the implementation of multilateral and bilateral investment/free trade agreement negotiations.</b>Implement the Regional Comprehensive Economic Partnership Agreement (RCEP) and clean up capital account foreign exchange management policies that are inconsistent with RCEP requirements; Actively participate in the follow-up work of the completion of the China-EU Agreement on Investment negotiations and promote the signing of the China-EU Agreement on Investment 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 the negotiations of China-South Korea Free Trade Agreement, China-Japan-South Korea Free Trade Agreement, and China-Norway Free Trade Agreement, and build a good bilateral and multilateral investment environment.</p><p><b>The fourth is to study the orderly relaxation of business restrictions under personal capital.</b>Revise the regulations on the management of domestic individuals' participation in equity incentive plans of overseas listed companies, cancel the annual foreign exchange purchase and payment quota limit, and optimize the management process; Study and demonstrate the feasibility of allowing domestic individuals to invest in overseas securities, insurance and other investments within the annual facilitation quota of US $50,000; Cooperate with the People's Bank of China to do a good job in the pilot project of \"Wealth Management Connect\" in Guangdong-Hong Kong-Macau Greater Bay Area.</p><p><b>\"China Foreign Exchange\": In the past year, the SAFE has taken a number of measures to expand the two-way opening of the financial market, such as abolishing the investment quota restriction of qualified foreign institutional investors, simplifying the management of domestic securities and futures investment funds, and normalizing the issuance of qualified domestic institutional investors. Investor quota, etc. What are the priorities of work in 2021?</b></p><p><b>Ye Haisheng:</b>In 2021, we will meet the high-level opening requirements of benchmarking and balance sheets, focus on the opening of the securities market, enhance the internationalization level of the domestic financial market, and promote the opening of capital accounts in a steady and orderly manner.</p><p><b>First, steadily and prudently promote the opening up of the domestic financial market.</b>Unify the opening policies of the inter-bank bond market and the exchange bond market, and form an institutional framework and policy for the opening of the bond market with integrated rules; We will steadily promote the opening up of the domestic financial derivatives market to the outside world, and study and appropriately relax the restriction that foreign institutional investors can only conduct domestic financial futures transactions based on the principle of hedging.</p><p><b>The second is to steadily promote the opening up of the stock and bond issuance markets.</b>Improve the funds and exchange management policies for domestic issuance of bonds (panda bonds) by overseas institutions; Standardize the domestic listing management of red-chip enterprises, relax the restrictions on the purchase and remittance of foreign exchange of raised funds, and clarify the management rules for foreign shareholders to reduce their holdings, purchase and payment 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 (CDR/GDR) under the \"Shanghai-London Stock Connect\".</p><p><b>The third is to promote the implementation of the Qualified Domestic Institutional Investor (QDII) system.</b>Improve the normalized QDII quota issuance mechanism, and further improve the quota issuance rules of various QDII institutions; Increase the total QDII quota in a timely manner, flexibly grasp the rhythm and scale of quota issuance according to the situation of foreign exchange receipts and payments, and meet the cross-border asset allocation needs of domestic market entities; Improve the regular reporting and monitoring and analysis system of QDII institutions.</p><p><b>The fourth is to improve the overseas investment management of insurance institutions.</b>Optimize the overseas investment management policies of insurance institutions, and implement separate management of overseas direct investment (ODI) and securities investment of insurance institutions; Standardize the overseas investment management of insurance institutions to meet the reasonable needs of insurance funds for overseas allocation of assets.</p><p><b>The fifth is to promote the pilot foreign exchange business of securities companies.</b>Continue to promote the pilot work of foreign exchange settlement and sale business of securities companies, improve the management system, standardize and improve the relevant rules of foreign exchange accounts and domestic foreign exchange transfers, and support the healthy development of their foreign exchange settlement and sale business on behalf of customers; Select some strong securities companies to carry out cross-border business pilots, formulate pilot rules, reasonably determine cross-border quotas, business types, fund management, etc., support securities companies to become bigger and stronger, and give full play to the positive role of securities companies in the foreign exchange market.</p><p><b>China Foreign Exchange: While promoting convenience, how should we effectively prevent the risk of cross-border capital flow?</b></p><p><b>Ye Haisheng:</b>In the process of capital account opening, there will undoubtedly be some challenges. In 2021, capital account foreign exchange management will adhere to the bottom line thinking, integrate safe development throughout the entire process of capital account management, continuously improve relevant statistical monitoring and early warning frameworks, timely predict and effectively prevent the disorderly flow of cross-border funds, guide market entities to conduct business in compliance with laws and regulations, firmly adhere to the bottom line of preventing systemic financial risks, and effectively safeguard national economic and financial security.</p><p><b>The first is to strengthen situation judgment and prediction.</b>In view of the global economic downturn, flooding of liquidity, and asset bubbles under the novel coronavirus pneumonia epidemic, we pay close attention to the fiscal/monetary policy trends of major economies and regularly analyze the changes of international financial markets; In-depth study of the spillover impact of foreign unconventional stimulus and other policies on my country's international balance of payments, RMB exchange rate, and financial market, do a good job in judging and predicting the situation, and lay the foundation for the formulation and introduction of relevant foreign exchange management policies.</p><p><b>The second is to 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 report system; Improve the monitoring of financial institutions, especially banks' external creditor's rights and debts, and strengthen the analysis of foreign debt changes of key institutions, especially real estate enterprises and urban investment enterprises; Pay close attention to the monitoring of cross-border capital flows under direct investment, continue to do a good job in the collaborative survey of direct investment (CDIS), and strengthen the utilization of existing equity registration data information.</p><p><b>The third is to strengthen the supervision of capital projects during and after the event.</b>Continue to establish and improve the cross-border capital flow management framework of \"macro-prudential + micro-supervision\" that is compatible with the opening-up process, and improve the management ability of abnormal fluctuations in cross-border capital flows; Establish and improve the monitoring, analysis and early warning mechanism of cross-border capital flows, strengthen the capacity building of off-site supervision, severely crack down on violations of laws and regulations in the foreign exchange field, and maintain a good 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":918,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}
