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| Notice by the State Administration of Foreign Exchange of Matters Concerning Deepening the Reform of Foreign Exchange Management for Cross-border Investment and Financing | | 国家外汇管理局关于深化跨境投融资外汇管理改革有关事宜的通知 |
| (No. 43 [2025] of the State Administration of Foreign Exchange) | | （汇发〔2025〕43号） |
| The branches of the State Administration of Foreign Exchange in all provinces, autonomous regions, municipalities directly under the Central Government, and cities under separate state planning; and all national Chinese-funded banks: | | 国家外汇管理局各省、自治区、直辖市、计划单列市分局，各全国性中资银行： |
| For the purposes of thoroughly implementing the guiding principles of the Third Plenary Session of the 20th CPC Central Committee, carrying out the decisions and plans of the CPC Central Committee and the State Council, expanding high-standard opening-up, and serving high-quality economic development, the State Administration of Foreign Exchange has decided to deepen the reform of foreign exchange management for cross-border investment and financing to further facilitate cross-border investment and financing. You are hereby notified of relevant matters as follows: | | 为深入贯彻党的二十届三中全会精神，落实党中央、国务院决策部署，扩大高水平开放，服务经济高质量发展，国家外汇管理局决定深化跨境投融资外汇管理改革，进一步提升跨境投融资便利。现将有关事项通知如下： |
| I. Deepening the Reform of Foreign Exchange Management for Cross-border Investment | | 一、深化跨境投资外汇管理改革 |
| 1. Removing the requirement for the registration of basic information on preliminary expenses of domestic direct investment. Where an overseas investor needs to remit preliminary expenses before establishing a foreign-funded enterprise in China, the investor may directly open a preliminary expense account with a bank and remit the relevant funds thereto, with no need to complete the registration of basic information on preliminary expenses before account opening. | | （一）取消境内直接投资前期费用基本信息登记。境外投资者在境内设立外商投资企业前需要汇入前期费用的，可以直接在银行开立前期费用账户并汇入前期费用资金，无需在开户前办理前期费用基本信息登记。 |
| 2. Removing the requirement for registration of domestic reinvestment by foreign-funded enterprises. Where a foreign-funded enterprise conducts domestic reinvestment using foreign exchange capital and the Renminbi funds from the settlement of foreign exchange, provided that such investment does not violate the special administrative measures for foreign investment market access and that the domestic project in which it invests is genuine and compliant, the investee enterprise or the equity transferor are not required to complete either the basic information registration or the modification registration for receiving such reinvestment. The domestic reinvestment funds may be directly transferred to the relevant accounts. | | （二）取消外商投资企业境内再投资登记。在不违反外商投资准入特别管理措施且境内所投项目真实、合规前提下，外商投资企业以外汇资本金及其结汇所得人民币资金开展境内再投资，被投资企业或股权出让方无需办理接收境内再投资基本信息登记及变更登记，境内再投资资金可以直接划至相关账户。 |
| 3. Allowing the domestic reinvestment of foreign exchange profits under foreign direct investment. Where the profits in the form of foreign exchange lawfully generated in China by a foreign-funded enterprise or foreign exchange profits lawfully obtained by an overseas investor are used for domestic reinvestment, the relevant foreign exchange funds may be transferred into the capital account of the investee enterprise or the capital account settlement account of the equity transferor. The use of such funds shall comply with relevant account management requirements. | | （三）允许外商直接投资项下外汇利润境内再投资。外商投资企业境内合法产生的外汇形式利润、境外投资者合法取得的外汇利润开展境内再投资，相关外汇资金可以划入被投资企业的资本金账户或股权出让方的资本项目结算账户，资金使用按照相关账户管理要求办理。 |
| 4. Facilitating the receipt of overseas funds by domestic non-enterprise research institutions. Where a domestic non-enterprise research institution receives overseas funds, it shall follow, mutatis mutandis, the procedures applicable to foreign direct investment with respect to foreign exchange registration, account opening, settlement and sale of foreign exchange, and other related procedures. Where a non-enterprise research institution uses foreign exchange funds remitted from overseas and the Renminbi funds from the settlement of such foreign exchange for domestic reinvestment, it shall follow, mutatis mutandis, the domestic reinvestment procedures applicable to foreign direct investment. A non-enterprise research institution that meets the prescribed conditions may be eligible for the policy for facilitating the payment of receipts under the capital account. | | （四）便利境内非企业科研机构接收境外资金。境内非企业科研机构接收境外资金的，参照外商直接投资办理外汇登记及账户开立、资金汇兑等手续；非企业科研机构使用境外汇入外汇资金及其结汇所得人民币资金进行境内再投资的，参照外商直接投资境内再投资办理；非企业科研机构符合条件可参与资本项目收入支付便利化政策。 |
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