Reforming and innovating foreign exchange management policies to promote the development of foreign direct investment

In order to carry out the development strategy of "going out", further support the steady and healthy development of foreign direct investment of domestic institutions, promote investment facilitation, make full use of "two markets, two resources", and steadily and orderly promote the opening-up process of Cross-border Capital transactions, the State administration of foreign exchange released the Regulations on foreign exchange administration of overseas direct investment by domestic institutions (hereinafter referred to as "Regulations").　　The provisions have been implemented since August 1, 2009. On the basis of integrating foreign Exchange management policy measures of foreign direct investment in recent years, and combining with the on-line operation of foreign Exchange management Information system of safe direct investment, the regulation simplifies and regulates foreign exchange management methods and procedures, mainly embodied in the following aspects: first, simplifying the audit procedure, The reform of foreign direct investment Funds is a prior examination to register, and the cancellation of foreign Direct Investment fund export approval. The second is to expand foreign direct investment in domestic institutions of external exchange sources of funds. Domestic institutions may use their own foreign exchange funds, in line with the provisions of internal foreign exchange loans, renminbi purchases or in-kind, intangible assets, retained overseas profits and other sources of assets for foreign direct investment. Third, to allow the domestic institutions in their overseas projects before the formal establishment of the stage, the Exchange Bureau approved the total amount of investment in a certain proportion of upfront expenses. To establish a full caliber foreign exchange management system for foreign direct investment, and to define and standardize foreign exchange management of foreign direct investment of domestic financial institutions. Five is to improve and improve the overseas direct investment in cross-border funds outflow into the statistical monitoring mechanism.　　In the process of drafting the provisions, the State administration of foreign exchange consulted widely and consulted the public on the government website of the Bureau, and the relevant opinions and suggestions have been fully absorbed. The regulation will make foreign direct investment management more standardized and systematized, which is beneficial to the domestic institutions to grasp the opportunity of investment in time and improve the efficiency of foreign direct investment. At the same time, it is also conducive to further improve the statistical monitoring of foreign direct investment to promote the basic balance of our international payments.