China Law Insight : China Business and Intellectual Property Lawyers & Attorneys : King & Wood Law Firm : IP, Arbitration, Litigation, Securities, Foreign Investment

Previously, regulatory requirements with regard to offshore lending were mainly found in the 2004 SAFE Notice on Certain Issues Relating to Internal Management of Foreign Currency Funds by the Multinational Companies (the “2004 Notice”). The purpose of the 2004 Notice was to optimize the allocation of foreign currency funds and to facilitate the utilization of foreign currency inter- company loans between members of multinational companies headquartered in the PRC. In accordance with Clause 23 of the new Notice, if there is any inconsistency between the 2004 Notice and the new Notice, the new Notice shall prevail. We set out below an introduction on the key features of the Notice and its relevant provisions.

Key Features of the Notice

1. Lender and Borrower under an Offshore Lending
In accordance with the Notice, eligible domestic enterprises of any type would be permitted to provide foreign currency loans to their wholly owned subsidiaries or for the equity of enterprises legally incorporated offshore.

2. Qualification Requirements for Offshore Lending
The requirements set out in the Notice for offshore lending by domestic enterprises to their offshore wholly-owned subsidiaries or equity interests include: Both the lender and the borrower have been legally incorporated with fully paid-up registered capitals; All foreign direct investment projects of the lender in the past years have been verified by the regulatory authorities in charge of foreign investments and filed with SAFE under foreign exchange registrations, and the lender (incorporated and existing for more than one year) has gained a second (or above)-grade ranking in the latest joint annual inspection of foreign investments, etc.

3. Forms of Offshore Lending
The forms of offshore lending as provided in the Notice are as follows:
(1) Direct lending, namely the domestic enterprise extends loan facilities directly to its wholly-owned subsidiaries or equity interests legally incorporated offshore;
(2) Entrustment loans, namely lending in the form of entrustment loans through a designated foreign exchange bank or the finance company of an enterprises group duly incorporated and qualified to conduct foreign exchange business.

4. Lending Threshold
The Notice supervises the offshore lending outstanding balance amount, and provides that the outstanding balance of a lender's offshore lending shall be limited to the lower of: (i) 30% of the lender's owner equity, and (ii) the duly registered investment amount of the Chinese party as agreed.

5. Verification of Outbound Remittance of Funds
The Notice simplifies the verification procedure of outbound remittance of foreign exchange funds. Subject to the verified offshore lending threshold and the effective term of lending, domestic enterprises engaged in offshore lending are permitted to re-lend the funds that have been repaid without the need to obtain SAFE verification for each of the loans.

6. Sources of Funds for Lending
The sources of funds for offshore lending as provided in the Notice have been expanded to not only include the self-owned foreign currency funds of the lender (as provided in the 2004 Notice), but also includes foreign currency funds converted from RMB funds and the funds in the foreign exchange capital pool as verified by SAFE.

7. The Income and Payment Scope of the Special Account for Lending
Compared to the 2004 Notice, the Notice has enlarged the income and payment scope of the Special Account for Lending.

8. Domestic Transfer of Funds
The Notice simplifies the verification procedure for domestic transfer of funds under offshore lending. Except for the outbound remittance of funds under the offshore lending from the Special Account for Lending and the inbound remittance of funds for repayment of principal and interest or enforcement of security to the Special Account for Lending, other domestic transfers of funds between the relevant foreign exchange accounts and the Special Account for Lending would not be subject to verification by the local SAFE. The lender may proceed with such transfer with the designated foreign exchange bank by presenting the relevant verification documents in respect of the offshore lending.

9. Statistical Monitoring and Risk Precaution under Offshore Lending
The Notice improves the statistical monitoring and risk precaution mechanism under offshore lending. For example, matters such as the verification of the offshore lending threshold, the opening of the Special Account for Lending, the domestic transfer of foreign exchange capital and the outbound and inbound remittance are supervised under the SAFE foreign exchange administration information system for foreign direct investments. Meanwhile, the Notice provides SAFE with the discretion to make timely adjustments to the qualification requirements for offshore lending, the sources of funds, the amount and the term of the lending etc., according to the balance of payments and the development in the offshore lending business.
 

Conclusion
Compared to the 2004 Notice, the Notice has reduced the qualification requirements for offshore lending, expanded the sources of funds, and simplified the verification and remittance procedure for offshore lending. Currently, domestic enterprises have achieved great success in their offshore investments. However, the difficulty in obtaining financing offshore and the shortage of floating capital has been an obstacle to the further developments of offshore Chinese funded enterprises. The issue of the Notice would encourage more Chinese enterprises with strong capital strength to “go abroad”, further facilitate investment and trading so as to stabilize the offshore demands and to deal with the international financial crisis in an effective way.

背景
为解决已“走出去”的境外中资企业在境外融资难和流动资金不足的问题，支持更
多有资金实力的企业“走出去”，提高境内企业的资金使用效率，国家外汇管理局（以
下简称“外管局”）于2009 年6 月9 日发布了《关于境内企业境外放款外汇管理有关问
题的通知》（以下简称“《通知》”），并将于2009 年8 月1 日起开始实施。
《通知》发布以前，与境外放款有关的外汇管理方面的规定主要为外管局于2004
年10 月18 日颁布的《国家外汇管理局关于跨国公司外汇资金内部运营管理有关问题
的通知》（以下简称“汇发【2004】104 号文”）。汇发【2004】104 号文旨在优化外汇
资源配置，便利和支持总部设在中国的跨国公司成员之间进行外汇资金的拆放。根据
《通知》第23 条的规定，汇发【2004】104 号文中涉及境外放款的外汇管理条款与
《通知》有冲突的，以《通知》为准。
我们将在下文介绍《通知》的主要特征及其相关规定。本简报旨在做出一般性的
指引，而不构成对某一特定案例的具体意见。
《通知》的主要特征
一、境外放款的主体和对象
根据《通知》的规定，只要符合一定条件，任何类型的境内企业均可为其在境外合法
设立的全资附属企业或参股企业发放外汇贷款。
二、境外放款的资格条件
《通知》规定的境内企业向其境外全资附属企业或参股企业放款的条件包括：放款人
和借款人均依法注册成立，且注册资本均已足额到位；放款人历年的境外直接投资项
目均经国内境外投资主管部门核准并在外管局办理外汇登记手续，且参加最近一次境
外投资联合年检评级为二级以上（成立不足一年的除外）等。
三、放款形式
《通知》规定的境外放款形式有：
（1）直接放款，即由境内企业直接向其境外合法设立的全资附属企业或参股企业提供
放款；
（2）委托贷款：即通过外汇指定银行或经批准设立并具有外汇业务资格的企业集团财
务公司以委托贷款的方式进行放款。
四、放款额度
《通知》对境外放款实行余额管理，并规定放款人的境外放款余额不得超过其所有者
权益的30%，同时不得超过借款人已办妥相关登记手续的中方协议投资额，以低者为
限。
五、资金汇出的核准
《通知》简化了外汇资金汇出的核准手续，在核准的境外放款额度和有效期内，从事
境外放款的境内企业可将已回收的境外放款额度循环使用，而无需就每次放款单独取
得当地外管局的核准。
六、放款的资金来源
《通知》规定的放款资金来源由汇发【2004】104 号文的自有外汇资金扩大到企业
的自有外汇资金、人民币购汇资金以及经外管局核准的外币资金池资金。
七、放款专用账户的收支范围
《通知》在汇发【2004】104 号文的基础上扩大了境外放款专用账户的收支范围。
八、放款资金的境内划转
《通知》简化了境外放款所涉及的境内划转核准手续，除放款资金由境外放款专用
账户汇出境外或还本付息、担保履约等资金由境外汇入境外放款专用账户需当地外
管局核准外，资金在境内相关外汇账户与境外放款专用账户之间的划转，放款人可
持境外放款核准文件等到外汇指定银行直接办理，无需当地外管局的另行核准。
九、境外放款的统计监测与风险防范
《通知》完善了境外放款的统计监测与风险防范机制，主要体现在：将境外放款的
额度核准、境外放款专用账户、境内外汇资金划转以及汇出、汇入等纳入国家外管
局直接投资外汇管理信息系统；设定了国家外管局可以根据我国国际收支形势和境
外放款情况，对境内企业放款资格条件、来源、数量以及期限等进行适时调整的保
障条款。
总结
相较汇发【2004】104 号文，《通知》在保证风险可控的前提下，最大程度地
降低了放款人的资质门槛，对资金来源明显放宽，同时简化了境外放款的核准
和汇兑手续。目前我国境外投资取得了积极成效，但境外融资难和流动资金不
足的问题一直影响了境外中资企业的进一步发展壮大。《通知》的及时出台将
有利于支持更多有资金实力的企业“走出去”，进一步促进投资贸易便利化，
以稳定外需，更好地应对国际金融危机。
 

Before the issuance of such a Circular, the above-mentioned question has for a very long time confused not only foreign investors, its lawyers, and other consultants, but also some local officials of SAFE partly due to the reason that SAFE did not clarify this question by issuing an official and universally-applicable rule. As a result the answer to this question has to depend, to large extent, on the local regulatory practice. Not surprisingly, in practice, some local offices of SAFE held a view that a FIE should not be allowed to exchange the foreign currency from its capital account into RMB for purposes of re-investing in China on the grounds that the foreign currency deposited in such account had been specially approved to satisfy the defined project as described in the business scope. In the meantime, some others officials held different views and allowed the FIE to settle the foreign exchange into RMB to satisfy the needs of re-investing in China. This is particularly the case where a local government is thirsty for foreign investment and it may be driven to take a more flexible policy.

Now, with the promulgation of the Circular, the door to direct re-investment by FIE(s) using the RMB settled from its foreign exchange capital account in China is closed. If a FIE happens to come upon a good investment opportunity, it will have to use its accumulated RMB profits or income or borrow RMB from domestic banks.

As is known in recent years, international “hot” money has unnerved the Chinese government which has thus taken a series of measures to cope with the issue. Without doubt the new rule is intended to strengthen the administration of foreign exchange flow and curb the inflow of hot money. However while it may contribute to the strengthening of its foreign exchange administration and the stability of its economic growth, it may also add the cost of making re-investment by foreign investors through their FIE(s) in some cases more difficult from a commercial perspective.
 

The New Rules amended the old “Administrative Rules of the People’s Republic of China on Foreign Exchanges” promulgated in 1996 (the “Old Rules”).For the purpose of accommodating the fundamental changes in the international balance of China, namely that the foreign exchange (“FX”) reserve of China is no longer short but is increasing too rapidly, the New Rules have adopted a balanced control on both inflow and outflow of FX, which may possibly lead to the conclusion that the conditions for the inflow of FX may be stricter than for the outflow.

The New Rules have also improved the measures for the supervision and management of FX, which, rather than a system based solely on the regulatory authorities, creates a regulatory system involving the regulatory authorities, the financial institutions engaging in FX businesses and the domestic entities engaging in FX transactions.  In addition, the New Rules have emphasized supervision in the examination on the authenticity of the underlying transactions.

Furthermore, for the purpose of accommodating the enhancement of supervisions on cross-boarder funds flow and the implementation of the examination on the authenticity of the underlying transactions as required by the New Rules, the State Administration of Foreign Exchange (“SAFE”) promulgated on 2 July 2008 a Circular on Issues concerning Management of the Registration of the Foreign Debts under the Item of Corporate Trade in Goods (the “Circular”) before the promulgation of the New Rules, which provides measures to be carried out for the registration of foreign debts in the form of prepayment and deferred payment arrangements under the trade in goods.  We understand that SAFE is aiming to reinforce the authenticity of trades by prescribing additional registration procedures to prepayment and deferred payment arrangements to furtherprevent the flow of hot money under the disguise of trade payments.

We set out below an introduction on the key features of the New Rules, the Circular and their respective relevant provisions.  This Bulletin is for general guidance only.

Administration on FX under Current Accounts

●    Remittance back to China of proceeds in FX is no longer required

The New Rules no longer require a domestic entity to remit its proceeds generated in FX back to China.  Instead, it allows both domestic entities and domestic individuals to either keep their FX proceeds in a place out of China or remit the same back to China.  The detailed conditions and terms for the reservation of proceeds out of China and for the remittance of proceeds back to China will be specified by the relevant governmental authorities.

●    Exchange of proceeds in FX into RMB is no longer required

The New Rules do not restrict on international payment or remittance under current accounts, which further enhances the convenience of FX transactions under current accounts.  Proceeds in FX are no longer required to be exchanged into RMB.  Proceeds in FX may now be retained in FX or sold to financial institutions in exchange of RMB according the relevant rules.

Administration on FX under Capital Accounts

●    Broadening of the channels for capital flowing out of China

The New Rules simplify the administrative method on direct offshore investment.  In this regard, instead of the mandatory approval for direct offshore investment, a registration approach is employed.  The New Rules also add certain principles for financing in China by foreign entities, for investment on foreign securities and derivatives by domestic entities, and for loans provided by domestic entities to foreign entities.

●    Revolution in the supervision method for supervising FX under capital accounts

The New Rules abolish the old default rule that the FX proceeds under capital accounts shall be deposited into FX accounts maintained with the relevant designated FX bank.  Instead, except for those FX that do not need to be approved, FX under capital accounts may be retained in FX or be exchanged into RMB upon the approval by the FX supervising authority.  With regard to the purchase of FX under capital accounts, such FX may in principle be purchased after the relevant transaction documents are submitted to the relevant financial institution which sells FX.

●    Enhancement of supervision on the utilization of capital remitted into China

The New Rules adopt a measure to trace the utilization of foreign capital remitted into China which had not been seen in the old regulatory system.  The New Rules require that the FX under capital accounts remitted into China or the RMB proceeds in exchange of such FX shall be used according to the purpose approved by the relevant regulatory authorities.  The FX supervising authority is entitled to supervise and examine  the utilization of the above mentioned FX and RMB, and on the accounts in which the above FX or RMB are deposited.

Supervision and Administration on FX Transactions and FX Market

●    Power of regulatory authorities has been specified and financial institutions assume the obligation to assist in regulatory supervision

With regard to the supervision and administration on FX transactions, the New Rules on the one hand specifically provide that the FX supervising authority is entitled to the supervision and examination on FX transactions and on the other hand establish a system under which financial institutions engaging in FX businesses shall assist in the regulatory supervision by certain measures taken through FX accounts.

●    Permissibility of non-financial institutions to engage in FX businesses

With regard to the supervision and administration on FX market, the New Rules ease the requirement on subjects allowed to participate in inter-bank transactions, and permit an entity other than a financial institution to engage in such inter-bank market transaction according to the relevant rules issued by the FX supervising authority as long as such an entity meet the requirements set out by the FX supervising authority.

Liabilities and Legal Consequences

The New Rules reduce the punishment scale of illegal outflow of FX, and create punishment on illegal inflow of FX, which aims to balance the control on both inflow and outflow of FX.  Meanwhile, the New Rules focus supervision on the authenticity of the underlying transactions. As long as the underlying transaction based on which a FX transaction is to be carried out is authentic, no regulatory punishment would generally be imposed on such a FX transaction.  To accommodate the assistance by financial institutions in regulatory supervision, the New Rules increase the punishment level of the punishment for financial institutions and create punishment on the liable personnel in the financial institutions.

Foreign Debt Registration Measures under Trade in Goods

In relation to the enhancement of supervisions on cross-boarder funds flow and the examination on the authenticity of the underlying transactions as required by the New Rules, the Circular issued before the New Rules has already to some extent implemented part of the relevant rules set out in the New Rules.

●    Application

The registration requirements under the Circular apply generally to enterprises established under  PRC law and the individual foreign traders within the PRC, no matter whether the enterprise is registered in any special area, whether the goods in question will be actually in or out of the PRC Customs or whether relevant trade proceeds would be subject to the cross examination by SAFE and the relevant Customs.

●    Registration

Corporations need to log on the SAFE’s trade credit registration management system and complete the online registration on a case by case basis. No hardcopy documents need to be submitted for such online registration.

With regard to the registration for prepayments, where there is a prepayment clause in the export contract, the PRC exporter shall complete the prepayment registration within 15 working days starting from the execution date thereof and complete the prepayment withdrawal registration within 15 working days upon the actual receipt of such prepayment.

With regard to the registration for deferred payments (Apply from October 1, 2008), the PRC importer shall, within 15 working days upon either the execution date of an import contract containing a deferred payment clause or the issuance date of the Custom declaration of the importation of goods, the payment in connection with which will not due in 90 days, complete the deferred payment registration, and shall complete the cancellation registration within 15 working days after the registered deferred payment is actually made.

●    Noncompliance

It’s noteworthy that to make clear the legal consequences for noncompliance with foreign debt management under the Circular, SAFE issued separately a Circular on Issues concerning Penalties on Violating Management of the Registration of the Foreign Debt under the Item of Corporate Trade in Goods (Huifa[2008]No. 34), providing in detail the liabilities of corporations and banks for breaches of the Circular.

Conclusion

The New Rules adopt the experience of supervision gained through the recent revolution and opening of China, and reserves room for the next steps which may make trades and investments in China  more convenient, create a more complete supervising system, and grant a safer business environment.  In the meanwhile, the Circular implements certain rules of the New Rules on the supervision of cross-border funds flow and the examination on the authenticity of the underlying transactions, which introduces new compliance requirements for adopting prepayment and/or deferred payment arrangements by the PRC importer and/or exporter.  

Considering that the relevant systems are of their initial launching, it’s foreseeable that both the management measures and the systems would be fine-tuned over  time.  Going forward, we will follow up with this issue and if you need any further information, please contact:

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外汇管理制度的重大变革

——解读新《中华人民共和国外汇管理条例》

金杜律师事务所 融资组银行部

背景

2008年8月5日，国务院总理温家宝签署第５３２号国务院令，公布了新修订的《中华人民共和国外汇管理条例》(以下简称“新条例”)。新条例于公布之日起实行，并对原来的外汇管理制度做出了较大幅度的改革以适应近年来中国经济的快速发展和国际经济形势的深刻变化。

新条例对1996年公布的原《中华人民共和国外汇管理条例》(以下简称“原条例”)作了全面修订。新条例为了应对中国国际收支形势发生的根本性变化，即由外汇短缺转为外汇储备增长过快，对外汇流入流出实施了均衡管理。这可能意味着新条例的实施将使得外汇流入的条件更加严格，而外汇流出的条件则变得宽松。新条例也健全了外汇监管手段和措施，从单一的监管机关监管扩展到监管机关、经营外汇业务的金融机构和有外汇经营活动的境内机构三方面共同配合进行全面管理，并将监管重点放在了对交易真实性的审查上。

另外，在新条例出台之前，为配合新条例加强跨境资金流动监管并细化对交易真实性的审查，外汇局于2008年7月2日发布了《关于实行企业货物贸易项下外债登记管理有关问题的通知》（以下简称“通知”），对企业货物贸易项下预收货款和延期付款形式的短期外债实行登记管理。我们理解，通知旨在通过对企业贸易项下的预收和延付安排增加程序性的登记要求，加强对于相关贸易真实性的审查，从而防止热钱以贸易形式流入。

我们将在下文介绍新条例和通知的主要内容及其相关规定。本简报旨在做出一般性的指引，而不够成对某一特定案例的具体意见。

经常项目外汇管理

● 取消经常项目外汇收入强制汇入国内的要求

新条例不再要求境内机构将经常项目项下的外汇收入调回境内，而是允许境内机构和境内个人将其外汇收入调回境内或者存放境外。调回境内或者存放境外的具体条件、期限等将由国务院有关部门做出规定。

● 取消经常项目外汇收入强制结汇要求

新条例规定对经常性国际支付和转移不予限制，并进一步便利经常项目外汇收支。新条例取消了经常项目外汇收入强制结汇要求，经常项目外汇收入可按照相关规定保留或者卖给金融机构。

资本项目外汇管理

● 资本流出渠道被拓宽

新条例简化了对境外直接投资外汇管理的行政审批，将审批制更改成了登记制；增设境外主体在境内筹资、境内主体对境外证券投资和衍生产品交易、境内主体对外提供商业贷款等交易项目的管理原则。

● 改革资本项目外汇管理方式

新条例废除了资本项目项下的外汇收入应当存入指定银行开立的外汇账户的原则性要求，而规定除国家规定无需批准的以外，资本项目外汇收入可以经外汇管理机关的批准后保留或者结汇；资本项目外汇支出国家未规定需事前经外汇管理机关批准的，原则上可以持规定的有效单证直接到金融机构办理。

● 加强流入资本的用途管理

新条例新增了旧的监管模式中未曾使用过的流入资本用途管理。新条例要求资本项目外汇及结汇后人民币资金应当按照有关主管部门及外汇管理机关批准的用途使用，并授权外汇管理机关对资本项目外汇及结汇后人民币资金的使用和账户变动情况进行监督检查。

外汇交易监督管理和外汇市场管理

● 监管机关职权更明确，金融机构新增协助义务

在外汇交易管理方面，新条例进一步确定了外汇管理机关对外汇交易进行监督检查的权力，同时，新条例也建立了由经营外汇业务的金融机构通过外汇账户进行协助监管的制度。

● 允许非金融机构进行外汇交易

新条例放宽了对银行间外汇市场交易主体的要求，允许符合国务院外汇管理部门规定的相关条件的非金融机构也可以按照国务院外汇管理部门的相关规定在银行间外汇市场进行外汇交易。

法律责任

新条例降低了对外汇非法流出行为的处罚力度，并增加了对外汇非法流入行为的处罚，以实现对外汇流入和流出的均衡管理。同时，新条例在极大程度上将监管重点放到了对真实交易的监管上，原则上只要是有真实交易基础的用汇行为，则不加以处罚。为了配合金融机构的协助监管，新条例调高了对金融机构违法行为的处罚力度，并增加了对与外汇违法行为有关的金融机构负有直接责任的人员的处罚。

货物贸易项下外债登记管理制度

与上述的新条例加强跨境资金流动管理以及对交易真实性进行监管相关，在新条例之前发布的通知已经在一定程度上细化了新条例中相关部分的规定。

● 适用

通知中针对预收货款和延期付款的贸易外债登记管理普遍适用于境内注册的企业和个人对外贸易经营者，无论企业注册地是否在特殊经济区域，无论货物是否进出关，无论出口收入是否纳入外汇局和海关的联网核查，均要办理贸易项下外债登记。

● 登记管理

企业需登陆外汇局网上服务平台上的贸易信贷登记管理系统，对预收货款和延期付款办理逐笔登记和注销。在线登记环节无需向外汇局提供书面资料。

就预收货款登记而言，在出口合同包括预收货款条款的情况下，企业应于合同签订之日起15个工作日内，办理预收货款登记，并于实际收到该等预收货款之日起15个工作日内办理预收货款提款登记。

就延期付款登记（自2008年10月1日起实施）而言，企业应在签订含延期付款条款的进口合同或在海关实际签发进口货物报关单(但企业未实际付汇)后90天之日起15个工作日内，办理延期付款登记；并应在相关的延期付款对外实际支付之日起15个工作日内，办理延期付款注销登记。

● 违规行为的处罚

值得注意的是，对于违反货物贸易项下外汇管理规定的行为外汇局专门下发《关于货物贸易项下违反外汇管理行为有关处罚问题的通知》（汇发[2008]34号），规定银行和企业的相关违规责任。

总结

新条例吸收了近年来改革开放在监管措施方面的成果，并为下一步改革预留了政策空间，以使贸易投资更加便利，行政监督更加完善，交易环境更加安全。而通知则对新条例中对于跨境资金流动监管和基础交易真实性审查做出了细化的规定，明确了贸易项下外债的登记管理制度，并为银行和企业进行贸易项下的预收货款和延期付款安排规定了新的合规要求。

鉴于与新条例和通知相关的管理系统均处于初建阶段，该等系统的运行尚需进一步的调整和完善，我们将及时注意相关法规的发展。

如您需要任何进一步的信息，请联系：

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