跨境投融资外管改革新通知（征求意见稿）

New Notice on Reforming Foreign Exchange Administration for Cross-border Investment and Financing (Draft for Public Comments)
引言
Introduction
2025年6月18日，国家外汇管理局（“国家外汇局”）公布了《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（征求意见稿）》（以下简称“《通知》”），并向社会公开征求意见。
On June 18, 2025, the State Administration of Foreign Exchange (the "SAFE") released the "Notice of the State Administration of Foreign Exchange on Matters Related to Deepening Reforms in Foreign Exchange Administration for Cross-border Investment and Financing (Draft for Public Comments)" (hereinafter referred to as the "Notice") and solicited public comments.
一、跨境投资外汇管理政策
I. Cross-border Investment Foreign Exchange Administration Policy
《通知》拟从跨境投资外汇管理政策角度推出如下重要改革。
The Notice proposes the following key reforms regarding foreign exchange administration for cross-border investment.
（一）取消境内直接投资（FDI）前期费用基本信息登记
(a) Abolition of Basic Information Registration for FDI Preliminary Expenses
《通知》取消了境内直接投资（FDI）前期费用基本信息登记，转而在《通知》所附的《深化跨境投融资外汇管理便利化政策操作指引》（“指引”）中列明对“境内直接投资前期费用账户及资金汇划”项目的指引。在《通知》生效后，境外投资者在境内设立外商投资企业前，将可直接在银行开立前期费用账户并汇入前期费用资金，无需预先办理登记。
The Notice abolishes the basic information registration requirement for foreign direct investment (FDI) preliminary expenses, and instead specifies the operational guidelines for "preliminary expense accounts and fund remittance for domestic direct investment" in the Operational Guidelines for Facilitating Cross-border Investment and Financing Foreign Exchange Administration (the "Guidelines") attached to the Notice. After the Notice takes effect, foreign investors will be able to directly open preliminary expense accounts with banks and remit preliminary funds before establishing foreign-invested enterprises in China, without the need for prior registration.
基于现行有效的《资本项目外汇业务指引（2024年版）》（“《资本项目指引》”）等规定要求，境外投资者在境内设立外商投资企业前，如需汇入前期费用（如市场调研、筹备办公场所等费用），需先到后续设立外商投资企业所在地银行办理前期费用基本信息登记后才能在银行开立前期费用账户并汇入资金。而在《通知》和《指引》的要求下，境外投资者无需再向银行申请境内直接投资（FDI）前期费用基本信息登记，可直接在银行办理开立前期费用账户并汇入资金。经办银行将负责审核前期费用核算金额是否与计划支付用途相匹配，并根据境外投资者提交的《境内直接投资前期费用业务申请表》中的尚可流入金额办理相关资金入账。此外，《指引》还规定，若未设立外商投资企业，境外投资者应向银行申请关闭该账户，剩余资金应原路汇回，由银行核算前期费用资金剩余情况。上述政策将有助于提高投资资金汇入的效率，加快外商投资的尽快落地。
Under the currently effective Foreign Exchange Business Guidelines for Capital Accounts (2024 Edition) (the "Capital Accounts Guidelines") and relevant regulations, where a foreign investor intends to establish a foreign-invested enterprise (FIE) in China and needs to remit preliminary expenses (such as market research and office preparation costs), it shall first complete the basic information registration for preliminary expenses at a bank located in the place where the FIE is to be established, before it can open a preliminary expense account with the bank and remit funds. Under the requirements of the Notice and the Guidelines, a foreign investor no longer needs to apply to a bank for basic information registration for FDI preliminary expenses, and may directly proceed with opening preliminary expense accounts and remitting funds at the bank. The handling bank will be responsible for reviewing whether the amount of preliminary expenses matches the intended payment purposes, and will process the relevant fund deposits based on the remaining inflow amount specified in the Application Form for Preliminary Expense Business of Domestic Direct Investment submitted by the foreign investor. Furthermore, the Guidelines stipulate that if no FIE is ultimately established, the foreign investor shall apply to the bank to close the account, and any remaining funds shall be repatriated through the original channel, with the bank calculating the remaining balance of preliminary expenses. These policies will help accelerate the efficiency of investment fund inflows and facilitate the prompt implementation of foreign investment.
（二）取消外商投资企业境内再投资登记
(b) Abolition of the Domestic Reinvestment Registration for Foreign-invested Enterprises (FIEs)
《通知》在跨境投资外汇管理政策角度的第二项改革是取消了外商投资企业境内再投资登记。《资本项目指引》等规定要求，如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，接收相关对价的境内机构应当办理接收境内再投资基本信息登记或变更登记（投资性外商投资企业以人民币形式支付再投资资金或股权转让对价的除外）。此前，在全国19个省市[1]已经开展了外商投资企业境内再投资免登记政策的试点。在《通知》和《指引》的要求下，这一政策将在全国范围内推广，即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，相关被投资企业或股权出让方无需办理这一登记，境内再投资资金可以直接划至相关账户。
The second reform under the Notice regarding foreign exchange administration for cross-border investment is the abolition of the domestic reinvestment registration requirement for foreign-invested enterprises (FIEs). Under the Capital Accounts Guidelines and related regulations, when a FIE conducts domestic reinvestment using its foreign capital or RMB funds obtained from foreign exchange settlement, the domestic entity receiving the consideration is required to complete the basic information registration or subsequent amendment registration for such reinvestment (except where an investment-oriented foreign-invested enterprise makes reinvestment payments or pays equity transfer considerations in RMB). Pilot programs exempting this registration requirement has already been implemented in 19 provinces, municipalities and cities across China[1]. Under the requirements of the Notice and the Guidelines, this policy is to be extended nationwide, whereby, provided that the investment does not violate the Special Administrative Measures for Foreign Investment Access and the domestic investment project is genuine and compliant, the relevant investee enterprise or equity transferor will no longer need to complete such registration, and the domestic reinvestment funds may be directly transferred to the relevant accounts.
（三）允许外商直接投资项下外汇利润境内再投资
(c) Permitting Domestic Reinvestment of Foreign Exchange Profits under Foreign Direct Investment
《通知》允许外商直接投资项下外汇利润境内再投资。外商投资企业在境内合法产生的外汇形式利润及境外投资者合法取得的外汇利润可直接用于境内再投资，资金可划入被投资企业资本金账户或股权出让方资本项目结算账户。资金的使用应按照相关账户管理要求办理。
The Notice permits domestic reinvestment of foreign exchange profits under foreign direct investment. FIEs’ legally generated foreign exchange profits in China and foreign investors’ legally obtained foreign exchange profits may be directly used for domestic reinvestment, and the funds may be transferred to the capital accounts of the investee enterprises or the capital settlement accounts of the equity transferors. The use of funds shall comply with the relevant accounts administration requirements.
不同于以往对外商直接投资项下外汇利润较为严格的管控，《指引》新设了“外商直接投资项下外汇利润境内再投资”章节。根据《指引》，外商投资企业以境内合法产生的外汇形式利润开展再投资，如需要资金划出的，则需要提交书面申请、投资方和资金接收方营业执照（或其他身份证明材料，按规定无需提交的除外）、该等外汇形式利润（即因依法合规经营而获得的利润且不来源于购汇）的真实性证明材料（如经审计的财务报告）以及开展再投资的相关真实性证明材料（如投资协议/股权转让协议）。办理账户开立、入账的，则仅提交书面申请。而如以境外投资者合法取得的外汇利润开展再投资，申请资金划出则需要提交书面申请、获得该等合法外汇利润的真实性证明材料以及外汇利润境内再投资相关真实性证明材料等。办理账户开立、入账的，同样仅提交书面申请。资金划出银行和收款银行则在相关流程中依《指引》要求按其权限相应予以审核。
Unlike the previous relatively strict controls on foreign exchange profits under foreign direct investment, the Guidelines newly establish a section for "domestic reinvestment of foreign exchange profits under foreign direct investment". According to the Guidelines, where a FIE conducts reinvestment using foreign exchange profits legally generated in China, and fund remittance is required, it shall submit a written application, business licenses of itself and the fund recipient (or other identity certification materials, except where such submission is not required under regulations), authenticity certification materials for such foreign exchange profits (i.e., profits obtained through lawful and compliant operations and not from foreign currency purchases) such as audited financial reports, and relevant authenticity certification materials for the reinvestment such as investment agreements/equity transfer agreements. For account opening and fund deposit, only a written application shall be submitted. Where the reinvestment is conducted using foreign exchange profits legally obtained by a foreign investor, applying for fund remittance requires submission of a written application, authenticity certification materials for obtaining such legal foreign exchange profits, and relevant authenticity certification materials for the domestic reinvestment of foreign exchange profits. For account opening and fund deposit under such scenario, only a written application shall likewise be submitted. The fund-remitting bank and the recipient bank shall conduct reviews according to their respective authorities as required by the Guidelines during the relevant procedures.
（四）便利境内非企业科研机构接收境外资金
(d) Facilitating Domestic Non-enterprise Research Institutions in Receiving Foreign Funds
《通知》还提出了便利境内非企业科研机构接收境外资金的政策。具体而言，当非企业科研机构接收境外资金时，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。此前，在全国16个省市已经开展了境内非企业科研机构接收境外资金试点政策（即“科汇通”），《通知》将此政策推广至全国[2]。提高非企业科研机构接受境外资金的效率，有助于打通相关行业生态中科研等上游环节，进而促进包括外商投资企业在内的各行业企业的长远研发与发展利益。
The Notice also introduces policies to facilitate domestic non-enterprise research institutions in receiving foreign funds. Specifically, when non-enterprise research institutions receive foreign funds, they shall refer to the procedures for foreign direct investment in terms of foreign exchange registration, account opening, and fund exchange. If non-enterprise research institutions use inbound foreign funds or RMB funds obtained through foreign exchange settlement for domestic reinvestment, such reinvestment shall be processed with reference to FDI-related domestic reinvestment rules. Qualified non-enterprise research institutions may also participate in the facilitation policy for capital accounts income and payment. Previously, a pilot policy allowing domestic non-enterprise research institutions to receive foreign funds (known as "Ke Hui Tong") has been implemented in 16 provinces, municipalities and cities in China[2]. The Notice now extends this policy nationwide. Enhancing the efficiency of foreign fund receipt by non-enterprise research institutions will help streamline upstream processes such as scientific research within related industry ecosystems, thereby promoting long-term R&D and corporate development benefits for businesses across multiple sectors, including FIEs.
二、 跨境融资外汇管理改革
II. Cross-border Financing Foreign Exchange Administration Policy
《通知》在跨境融资外汇管理政策角度则拟推出如下改革。
The Notice proposes the following key reforms regarding foreign exchange administration for cross-border financing.
（一）扩大跨境融资便利
(a) Expanding Facilitation Measures for Cross-Border Financing
《通知》提出了扩大跨境融资便利的政策。其明确指出，在全国范围内符合条件的高新技术、“专精特新”和科技型中小企业（前述合称“适用科技企业”）可获得不超过等值1000万美元的外债便利化额度。此外，依托“创新积分制”遴选的符合条件的企业，可在不超过等值2000万美元额度内借用外债。
The Notice introduces policies to further facilitate cross-border financing. It explicitly states that eligible small and medium-sized enterprises (SMEs) nationwide – including high-tech enterprises, "specialized, sophisticated, distinctive, and innovative" enterprises, and sci-tech enterprises (collectively referred to as "Eligible Technology Enterprises") - may each be granted to a foreign debt facilitation quota of up to USD 10 million equivalent. Furthermore, eligible enterprises selected through the "innovation credit scoring system" may each borrow foreign debts with a quota of up to USD 20 million equivalent.
上述科技型外商投资企业（如生物医药企业）普遍存在轻资产、科研周期长、研发费用大等特点，其对股权融资补充现金流的依赖度较高。一旦其股权融资受阻/艰难，而境内大量资金需求无以为继，则外债融资是一个现实可选的路径。按现有政策，除保留外商投资企业可以选择的传统的“投注差”模式外，我国还对跨境融资实行宏观审慎管理，即企业借用外债不能超过其净资产的一定比例。但处于初创期的这些企业往往存在未能盈利或净资产较小的情况，其实缴到位的注册资本也可能较为有限，按现有传统跨境融资外汇管理政策，其跨境融资的规模都较容易受到限制。有鉴于此，2022年以来，国家外汇局已出台政策，陆续规定在十余个试点地区内，适用科技企业可在不超过等值1000万美元额度内自主借用外债。其他地区辖内适用科技企业可在不超过等值500万美元额度内自主借用外债[3]。《通知》此次将这一试点做法推广到了全国范围，且将额度统一为等值1000万美元，符合要求的“创新积分制”企业可达2000万美元。
These technology-based FIEs (e.g., biopharmaceutical enterprises) typically exhibit characteristics such as asset-light structures, prolonged R&D cycles, and high research expenditures, making them heavily reliant on equity financing to supplement cash flow. Once equity financing becomes constrained or difficult, while substantial domestic funding needs remain unmet, foreign debt financing emerges as a practical alternative. Under existing policies, in addition to retaining the traditional "total investment-registered capital gap" model available to FIEs, China also implements macro-prudential administration for cross-border financing, whereby an enterprise’s foreign debt cannot exceed a certain proportion of its net assets. However, startups in this category often face challenges such as lack of profitability or limited net assets, and their paid-in registered capital may also be relatively small. As a result, under conventional cross-border financing foreign exchange administration policy, their financing capacity is often constrained. In light of this, since 2022, the SAFE has introduced policies allowing Eligible Technology Enterprises in over ten pilot regions to independently borrow foreign debt with a quota of up to USD 10 million equivalent. Eligible Technology Enterprises in other regions may borrow foreign debt with a quota of up to USD 5 million equivalent[3]. The Notice now extends this pilot policy nationwide, unifying the quota at USD 10 million equivalent, while eligible enterprises under the "innovation credit scoring system" may each be granted to a quota of up to USD 20 million equivalent.
据此，《指引》中也列明了对应的“非银行债务人借用外债签约登记及变更、注销登记”章节。在外债签约审核材料部分，除现有的宏观审慎模式和“投注差”模式的签约登记路径外，还列明了跨境融资便利化外债签约登记路径，并在该路径下简化了登记审核材料（具体请见下文）。基于这一政策，相关企业可以选择对其最为合适的外债签约登记路径。对于适用科技企业而言，前述政策有利于其降低融资成本和增加研发投入来源。
Accordingly, the Guidelines also specify the corresponding section on "contract registration, modification, and cancellation of foreign debt by non-bank debtors". Regarding the documentation required for foreign debt contract registration approval, in addition to the existing registration procedures under the macro-prudential administration model and the "total investment-registered capital gap" model, the Guidelines provide a streamlined foreign debt contract registration process under the cross-border financing facilitation policy, with reduced documentation requirements (see details below). Under this policy, relevant enterprises may choose the most suitable foreign debt registration pathway. For Eligible Technology Enterprises, this policy will help reduce their financing costs and expand their funding sources for R&D investment.
（二）简化跨境融资便利化业务登记管理
(b) Simplifying Administration of Facilitation Services for Cross-border Financing Registration
《通知》要求简化跨境融资便利化业务登记管理。从审核材料上看，跨境融资便利化外债签约登记模式下，企业无需提交上年度或最近一期经审计的财务报告。在跨境融资便利化外债登记模式下，签约登记时企业需要提交的审核材料仅有申请书、营业执照、证明企业为适用科技企业的材料及借款意向书或外债合同（原件及其主要条款复印件）。
The Notice requires to simplify the administration of facilitation services for cross-border financing registrstion. In terms of review materials, under the streamlined foreign debt contract registration mode under the cross-border financing facilitation policy, enterprises are not required to submit the audited financial reports for the previous year or the most recent period. Under such mode, the review materials required for an enterprise’s foreign debt contract registration only include the application form, its business license, documents certifying the enterprise as an Eligible Technology Enterprise, and the loan letter of intend or foreign debt contract (original and copies of its main clauses).
三、 资本项目收入支付便利化政策
III. Facilitation Policy for Capital Accounts Income and Payment
《通知》拟另提出3项优化资本项目收入支付便利化政策。
The Notice also proposes 3 key reforms regarding facilitating capital accounts income and payment.
（一）缩减资本项目收入使用负面清单
(a) Shortening the Negative List for the Use of Capital Accounts Income
《通知》提出缩减资本项目收入使用负面清单。相较汇发〔2023〕28号等此前政策，《通知》取消了资本项目外汇收入及其结汇人民币资金不得用于购买非自用住宅性质房产的限制[4]。《通知》再次强调非金融企业资本金、外债项下外汇收入及其结汇所得人民币资金使用要遵循真实、自用原则。在此前提下，前述资金将不得用于如下领域：（1）国家法律法规明确禁止的支出，（2）（除非另有明确规定）证券投资或其他高风险投资理财（风险评级结果不高于二级的理财产品及结构性存款除外），（3）向非关联企业发放贷款（经营范围明确许可的情形除外）。这几项表述基本沿袭汇发〔2023〕28号的既有表述。上述负面清单规定的调整，有助于外资企业灵活利用其既有资金，适度灵活配置其不动产资源；同时，也继续维持了限制相关资金流入高杠杆理财和证券市场的基本要求。
The Notice proposes to shorten the negative list for the use of capital accounts income. Compared with previous policies such as Hui Fa [2023] No. 28, the Notice removes the restriction that foreign exchange income under capital accounts and the RMB funds obtained from foreign exchange settlement shall not be used to purchase non-self-use residential properties[4]. The Notice reiterates that the use of foreign exchange income under capital contributions and foreign debts of non-financial enterprises and the RMB funds obtained from foreign exchange settlement shall comply with the principles of authenticity and self-use. Under this premise, the aforementioned funds shall not be used in the following areas: (i) expenditures explicitly prohibited by the laws and regulations of the State, (ii) (unless otherwise explicitly stipulated) securities investment or other high-risk investment and wealth management (except for wealth management products and structured deposits with risk ratings not higher than Level II), (iii) issueing loans to non-affiliated enterprises (except for the cases expressly permitted by the business scope). These provisions substantially follow the existing wording of Hui Fa [2023] No. 28. The adjustment to the aforementioned negative list regulations will help FIEs flexibly utilize their existing funds and appropriately allocate their real estate resources. Meanwhile, it maintains the basic requirement to restrict the flow of such funds into high-leverage wealth management and securities markets.
（二）优化资本项目外汇收入支付便利化业务
(b) Improving Facilitation Services for Foreign Exchange Income and Payment under Capital Accounts
《通知》提出，银行可根据客户合规经营情况和风险等级等自行决定便利化业务事后随机抽查的比例和频率。《资本项目指引》中要求资本项目外汇收入支付便利化业务的经办银行应按季度对该等业务进行事后随机抽查。主报告行（中资银行省分行或相当于省分行的一级分行、外资银行分行、地方法人银行）是相关抽查的实施主体。其中，主报告银行上一年度执行外汇业务合规与审慎经营评估结果为A类的，抽查比例下限为抽查周期发生的便利化支付金额的5%。上一年度执行外汇业务合规与审慎经营评估结果为B类（包括B+、B）的，抽查比例下限为抽查周期发生的便利化支付金额的10%。国家外汇局的各省级分局可根据实际情况对银行抽查比例下限、上报抽查报告频率等浮动调整。《通知》不再要求具体的抽查比例和频率，在其《指引》中还进一步提出，外汇展业改革银行分支机构统一以事后风险交易监测机制作为风险排查手段，在此基础上可以自主决定是否进行事后抽查。上述优化措施有利于提高合规记录良好的企业的支付效率，减少隐形的“审核”，在提高银行对这类企业的信任的基础上也为企业提供了更多便利。
The Notice proposes that banks may independently determine the proportion and frequency of post-event random sampling for facilitation services based on clients’ compliance records and risk ratings. The Capital Accounts Guidelines require that banks handling capital accounts foreign exchange income payment facilitation services shall conduct quarterly post-event random sampling of such services. The master reporting banks (provincial branches of Chinese-funded banks or first-tier branches of equivalent level, branches of foreign-funded banks, and local corporate banks) are the entities responsible for implementing the relevant sampling. Among them, for master reporting banks that received an "A" rating in the previous year’s compliance and prudent operation assessment for foreign exchange business, the minimum sampling proportion shall be 5% of the facilitation payment amount during the sampling period. For those that received a "B" rating (including B+ and B) in the previous year’s assessment, the minimum sampling proportion shall be 10% of the facilitation payment amount during the sampling period. The provincial branches of the SAFE may adjust the minimum sampling proportion for banks and the frequency of submitting sampling reports based on actual circumstances. The Notice no longer specifies concrete sampling proportions or frequencies, and its Guidelines further state that branches of banks undergoing foreign exchange business reform may uniformly use post-event risk transaction monitoring mechanisms as the means of risk investigation, on which basis they may independently decide whether to conduct post-event sampling. The aforementioned optimization measures will be conductive to improving payment efficiency for enterprises with strong compliance records, reducing invisible "reviews", and providing greater convenience to enterprises while enhancing banks’ trust in such enterprises.
（三）便利境外个人境内购房结汇支付
(c) Facilitating Foreign Exchange Settlement and Payment for Real Property Purchases by Overseas Individuals
根据《通知》，境外个人在满足各地购房政策条件下，可凭购房合同或协议先行于银行办理购房外汇资金结汇支付，后续再向银行补交房地产主管部门的购房备案证明文件。《通知》将港澳居民在粤港澳大湾区购房结汇支付便利化试点政策推广至了全国范围。对于有境内较急购房需求的境外个人而言，其无需等待备案完成，即可抢先“锁定”，为其提供了一定的便利。
The Notice stipulates that overseas individuals may, subject to local real property purchase policies, proceed with foreign exchange settlement and payment for real property purchases at banks by presenting the purchase contract or agreement first, and subsequently supplement the real property purchase record-filing documents issued by the real estate authorities to the bank. The Notice extends the pilot policy on foreign exchange settlement and payment facilitation for real property purchases by Hong Kong and Macao residents in the Guangdong-Hong Kong-Macao Greater Bay Area to the entire country. For overseas individuals with urgent needs to purchase real properties in China, this will allow them to "lock in" the real property without waiting for the completion of the record-filing process, thereby providing them with certain conveniences.
四、结语
IV. Conclusion
总体而言，通过简化登记流程、扩大额度、优化支付管理等多方面政策，从投资端、融资端和支付便利政策这三个维度，《通知》将为经营主体提供了跨境投融资和支付的便利，为支持高新技术企业和实体经济以及提升外资使用效率作出了新的探索。
Overall, through policies such as simplified registration procedures, expanded quotas, and optimized payment administration, the Notice facilitates cross-border investment, financing, and payments for enterprises across three dimensions (including investment access, financing channels, and payment facilitation), offering new mechanisms to support high-tech enterprises and the real economy while enhancing foreign capital utilization efficiency.
注释 Notes:
[1] 北京市、上海市、广东省、深圳市、天津市、重庆市、江苏省、浙江省、山东省、陕西省、安徽省、湖北省、四川省、海南省、福建省、青岛市、宁波市、厦门市、河北雄安。
Beijing Municipality, Shanghai Municipality, Guangdong Province, Shenzhen City, Tianjin Municipality, Chongqing Municipality, Jiangsu Province, Zhejiang Province, Shandong Province, Shaanxi Province, Anhui Province, Hubei Province, Sichuan Province, Hainan Province, Fujian Province, Qingdao City, Ningbo City, Xiamen City, and Xiongan New Area of Hebei Province.
[2] 《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（征求意见稿）》起草说明：这16个省市分别为：北京市、上海市、天津市、重庆市、河北雄安、南京市、苏州市、杭州市、合
肥市、武汉市、长沙市、广州市、成都市、绵阳市、西安市、深圳市。
The Drafting Notes for the “Notice of the State Administration of Foreign Exchange on Matters Related to Deepening Reforms in Foreign Exchange Administration for Cross-border Investment and Financing (Draft for Comments)”: These 16 provinces, municipalities and cities are: Beijing Municipality, Shanghai Municipality, Tianjin Municipality, Chongqing Municipality, Xiongan New Area of Hebei Province, Nanjing City, Suzhou City, Hangzhou City, Hefei City, Wuhan City, Changsha City, Guangzhou City, Chengdu City, Mianyang City, Xi'an City, and Shenzhen City.
[3] 《国家外汇管理局关于支持高新技术和“专精特新”企业开展跨境融资便利化试点的通知》（汇发〔2022〕16号）、《国家外汇管理局关于进一步深化改革 促进跨境贸易投资便利化的通知》（汇发〔2023〕28号）
Circular of the State Administration of Foreign Exchange on Supporting High-tech Enterprises and "Specialized, Sophisticated, Distinctive and Innovative" Enterprises to Carry out the Pilot Program for Cross-border Financing Facilitation (Hui Fa [2022] No.16), Circular of the State Administration of Foreign Exchange on Further Deepening Reforms to Facilitate Cross-Border Trade and Investment (Hui Fa [2023] No.28)
[4] 《国家外汇管理局关于进一步深化改革 促进跨境贸易投资便利化的通知》（汇发〔2023〕28号）：非金融企业的资本金、外债项下外汇收入及其结汇所得人民币资金的使用应遵循真实、自用原则……不得用于购买非自用的住宅性质房产（从事房地产开发经营、房地产租赁经营的企业除外）。
Circular of the State Administration of Foreign Exchange on Further Deepening Reforms to Facilitate Cross-Border Trade and Investment (Hui Fa [2023] No.28)： The use of foreign exchange income under capital contributions and foreign debts of non-financial enterprises and the RMB funds obtained from foreign exchange settlement shall comply with the principles of authenticity and self-use…and shall not be used to purchase non-self-use residential properties (except for enterprises engaged in real estate development operation or lease operation).