泛亚电竞

【双语】跨境人民币对外直投多点开花

发布:泛亚电竞_泛亚电竞app怎么下载-官网APP下载 2016-12-21 15:33 来源:泛亚电竞_泛亚电竞app怎么下载-官网APP下载 《金融&贸易》2017年第4期 作者:余佳徽

kuajingrenminbiduiwaizhitouduodiankaihua

泛亚电竞 renminbi gains ground in cross-border investment

wen>yujiahui

by yu jiahui

 

泛亚电竞 suizheqiyekuajingmaoyihetouzidexuqiuriquwangsheng,jiazhi2008nianjinrongweijisinve,zhongguoqiyeduishiyongrenminbijinxingjiesuandehushenghengao。kuajingrenminbiyewujingguobaniandetansuoqianxing,youlidizhichilezhongguoqiyedekuajingfazhan。

chinese companies have shown increasing willingness to make cross-border renminbi transactions in recent years, with demand buoyed by expanding trade and investment. in the eight years since the launch of cross-border renminbi business, chinese enterprises have been demonstrating a much greater appetite for the use of renminbi offshore.


泛亚电竞 mianduiqiyeduiwaitouzi“zouchuqu”dexinqushi,peiheguojia“yidaiyilu”changyi,ruhejielizhongguoqiyededuiwaitouzijiangrenminbidaizhiguojiwutai;youruheliyongkuajingrenminbidejinrongfanyadianjing,genghaodizhulizhongguoqiyededuiwaitouzi,chengweibaizaiyinxingmianqiandexinketi。

more chinese companies are moving out into the international market, making offshore investments. the "belt and road" initiative, which seeks to boost infrastructure construction in dozens of developing countries, has become a center of attention in the effort to give the renminbi a bigger role on the world stage. making greater use of cross-border renminbi financial services to help the overseas investment of chinese enterprises has also been seen as a new business opportunity for local banks.


2011—2015年: 起步发展

The Start-up Years 2011-2015

泛亚电竞 weibianlijingneiqiyekaizhanjingwaizhijietouzirenminbijiesuanyewu,2011nian,zhongguorenminyinxingchutai《jingwaizhijietouzirenminbijiesuanshidianguanlibanfa》(zhongguorenminyinxinggonggao〔2011〕di1hao),zhiciyirenminbixingshijinxingduiwaizhijietouzichengweikeneng。

in order to help domestic enterprises make use of renminbi settlements in their overseas direct investments, the people’s bank of china in 2011 promulgated the measures for the pilot program of renminbi settlement of cross-border transactions (pboc document no. 1, 2011). this made foreign investment possible using renminbi.


2013nian11yueshibajiesanzhongquanhuizhaokai,huiyimingque“jiakuaizhuanbianzhengfuzhineng,shenhuatouzitizhigaige,queliqiyetouzizhutidiwei”。weicujinduiwaitouzibianlihua,jianhuazhongguoqiyejingwaitouzishenpiliucheng,guojiafagaiwei、shangwubu、waihuiguanliju、zhengjianhuidengjigoufenfendiaozhengduiwaitouzidexingzhengxukeyaoqiu,songbangqiyeduiwaizhijietouzixingwei,zhichizhongguoqiyekuachuguomen,tongguoduiwaitouzi,tansuoguojihuafazhandaolu。

泛亚电竞 in november 2013, the third plenary session of the 18th central committee of the communist party of china was held, and the meeting called for “speeding up the transformation of government functions, deepening the reform of the investment system and establishing the dominant position of corporate investment.” in order to facilitate overseas investment by chinese companies and simplify the approval process, the national development and reform commission, the ministry of commerce, the state administration of foreign exchange (safe) and the china securities regulatory commission simplified their licensing requirements for overseas projects in a bid to encourage chinese companies to take on a bigger role in the global market.


2015nian3yue,guojiafagaiwei、waijiaobu、shangwubulianhefabule《tuidonggongjiansichouzhilujingjidaihe21shijihaishangsichouzhiludeyuanjingyuxingdong》,dangnianzhongguoqiyedui“yidaiyilu”yanxianguojiazhijietouzietongbizengzhang18.2%。

in march 2015, the national development and reform commission, the ministry of foreign affairs and the ministry of commerce jointly released their vision and actions on jointly building silk road economic belt and 21st-century maritime silk road. in that same year, direct investments by chinese enterprises in countries participating in the "belt and road" initiative increased 18.2% over the previous year.


suizhekuajingrenminbiduiwaizhijietouzizhengcedechutai,yijizhengfujianzhengfangquanhe“yidaiyilu”changyideyindao,zhongguoqiyeduiwaitouzireqingbeijifa。jinnianlai,kuajingrenminbiduiwaizhijietouzijinechengxianchixujiaokuaizengzhang,yuelaiyueduoqiyexuanzeyirenminbixingshijinxingduiwaizhijietouzi。

in addition to the cross-border renminbi overseas direct investment policy, the "belt and road" initiative, the government's effort to decentralize authority and remove red tape, all contributed to this new demand for renminbi. in recent years, the value of renminbi overseas direct investment has shown rapid and sustained growth. more and more enterprises are choosing to make direct overseas investments in renminbi.


2016年: 热潮来临

2016 : Renminbi Investment Boom

泛亚电竞 2015nianxiabanniankaishi,suizhemeiyuanzouqiang,renminbihuilvchuxianbianzhiyuqi,yuelaiyueduodezhongguoqiyejiaruduiwaitouzidezhenying,xianqiyizhenrechao。shangwubushujuxianshi,2016nian,zhongguojingneitouzizhegongduiquanqiu164geguojiahediqude7961jiajingwaiqiyejinxingleduiwaizhijietouzi,leijishixianduiwaitouzie11299.2yiyuanrenminbi,tongbizengzhang53.7%。daduoshuqiyedequeshichuyuqiyefazhandezonghezhanlvekaolv,zuochuduiwaitouzidejuece;danbukefouren,qizhonghunzazheshaoshuqiye,tamenliyongduiwaitouzishenchabianli,jiedaoduiwaitouzifangshi,shixianzijinkuajingzhuanyidemude。ruguocijudafanweimanyan,jiangshirenminbihuilvchengya,congerjinyibuyinfazibenkonghuangxingliuchu。

since the second half of 2015, the renminbi has weakened against a strengthening us dollar. that has encouraged many more chinese companies to seek opportunities overseas. according to the statistics of the ministry of commerce, chinese investors made a total of 9,160 overseas direct investments in 164 countries and regions in 2016. the total value was 1.12992 trillion yuan, up 53.7% over the previous year. most enterprises made foreign investment decisions as part of their overall development strategy, although a small number of companies took advantage of the convenient foreign investment examinations to transfer funds offshore under the name of foreign investment. that has had the potential to undermine the renminbi exchange rate and trigger large capital outflows.


2016nian11yuedi,renminbiduimeiyuanhuilvpanshengzhijiejin7degaowei,weiwendingzibenliuchu,fangfanduiwaitouzifengxian,baozhangduiwaitouzichixu、jiankangfazhan,guojiafagaiwei、shangwubu、renminyinxinghewaihuiguanlijusijigoulianhejiaqiangleduiwaitouzideguanli。tongshi,yaoqiuyinxingjiaqiangduiqiyezibenxiangmudezhenshixingshenhehezijinliuchuguanli,jiadaduixinsheqiyeduiwaitouzihuodongdeshencha,duineixiejingneiqiyejingyingzhuangkuangnanyizhichengjingwaitouziguimo,jingwaitouziyujingneigongsizhuyingyewucunzaijiaodachayi,duiwaitouzizijinlaiyuanyichangdengyichangtouzixingweijinxingheshi。cijuyouxiaodajilerenminbizuokongshili,ezhilezibenkonghuangxingliuchu,chenggonghanweilerenminbihuilv;suiranduanqinei,zhongguoqiyeduiwaitouziekuaisuhuiluo,dancongzhangqikan,bianliduiwaitouzihefangfanduiwaitouzifengxianxiangjiehedeguanlimoshi,jianggengyouzhuyuzhongguoqiye“zouchuqu”。

as of the end of november 2016, the renminbi weakened to nearly seven to one us dollar. in order to stabilize capital outflows, prevent foreign investment risks and ensure sustained and healthy development of foreign investment, the national development and reform commission, the ministry of commerce, the people’s bank of china and safe jointly strengthened foreign investment management. at the same time, banks were required to strengthen their efforts to verify offshore investment projects and stem capital outflows. the focus was on those seen as making unusually large investments compared with their domestic business volume. these measures effectively eased the selling pressure on the renminbi and defended the currency's exchange rate. although the volume of overseas investment by chinese companies dropped sharply in the short term after the announcement of these measures, the combination of facilitating foreign investment and preventing risks will be conducive to the global plans of many chinese enterprises.


2017年: 回归理性

Return to Rational Pattern in 2017

泛亚电竞 rechaoguohou,zhengfucengmianchutaile《guowuyuanbangongtingzhuanfaguojiafazhangaigeweishangwuburenminyinxingwaijiaobuguanyujinyibuyindaoheguifanjingwaitouzifangxiangzhidaoyijiandetongzhi》(guobanfa〔2017〕74hao),duijingwaitouzifangxiangtichulezhidaoyijian,mingquejiangduiwaitouzixiangmufenweigulikaizhan、xianzhikaizhanhejinzhikaizhansanzhongleixing,yindaoheguifanqiyededuiwaitouzixingwei,zaiyouxiaofangfanfengxiandejichushang,tuidongduiwaitouzichixu、youxu、jiankangfazhan。zaiqiyecengmian,youyuduiduiwaitouzidegeleifengxianyoulequanfangweidelejie,touzijueceyejianggengqulixing。

the government later unveiled its circular of the general office of the state council on transmitting and issuing the guiding opinions of the national development and reform commission, the ministry of commerce, the people’s bank of china and the ministry of foreign affairs on further guiding and regulating the direction of overseas investment (document no. 74 of 2017 from the general office of the state council). this gave fresh direction to outbound investment, creating three broad categories -- encouraged, restricted and prohibited. it was also meant to provide some standardization for overseas investment and quantify risk. at the corporate level, investment decisions would become more rational due to greater familiarity with the risks associated with foreign investment.


泛亚电竞 kuajingrenminbiduiwaitouzifanyadianjing,ruhebangzhuzhongguoqiyegenghaodi“zouchuqu”ni?

利器一: 满足“走出去”企业的境外人民币使用需要,帮助企业规避汇率风险,节约财务成本

Measure 1: China needs to meet the needs of domestic companies looking to use renminbi to boost their global presence. At the same time it must help these companies avoid exchange rate risks and save on financial costs.

泛亚电竞 hgongsishiyijiawaixiangxingshihuaqiye,shizhongweiraoshihuachanyelianjinxingtouzifazhan,weishixianzongxiangyitihuahehengxiangduoyuanhuadechanyefazhanzhanlve,huoquguowaiyuanyouziyuan,datongguoneihuagongyuanliaoheziyuanbuzudepingjing,huanjieguoneitudi、huanbaohenenghaoyali,juedingtongguoqixiangganggongsizai“yidaiyilu”yanxianguojiawenlaitouzifanyadianjingshihuaxiangmu,liyongguowaiziyuantuidongqiyezhuanxingshengjihechanyejiegoudiaozheng。

one company which we will call company a, for example, is an export-oriented enterprise in the petrochemical sector. it has invested in segments of the petrochemical production chain, including in brunei, an oil producing country that is also a participant in the "belt and road" initiative. the company made the decision as part of its strategy of vertical integration, diversification and obtaining access to overseas crude oil supplies. the investment would also solve the shortage of domestic chemical raw materials and ease pressure from a shortage of available land, environmental protection problems and high levels of energy consumption. in so doing, it made its investment through a subsidiary in hong kong.


泛亚电竞 wenlaigongsikaolvdaoqixiangmu80%defanyadianjinggongchengjishebeigongyingjunyouzhongguoqiyetigong,weijianshaohuilvbodongduixiangmudeyingxiang,wenlaigongsiyuguoneigongyingshanghechengjianfangqianshugongchenghuoshebeicaigouhetongshi,xuanzeyirenminbizuoweijiesuanhuobi。weipipeihouxurenminbishiyongxuyao,jianshaohuobihuiduidecaiwuchengben,hgongsijuedingyirenminbiduiwaichuzi,touzikuanzhijiezhifuguoneigongyingshanghechengjianfang。gaitouzihuobidexuanze,bangzhuhgongsijieyuecaiwuchengben700duowanyuanrenminbi,tongshiyouxiaojiangdilehuilvfengxian。

the company in brunei is reliant on chinese companies for 80% of its construction work and construction equipment. to reduce the impact on the project from exchange rate fluctuations, the company specified that renminbi would be the settlement currency for the purchase of supplies from china. in order to ensure sufficient renminbi and avoid currency translation costs, the chinese company decided to invest overseas in renminbi and make direct payments to chinese domestic suppliers and contractors also in renminbi. the choice of currency helped save the company over 700 million yuan and largely removed exchange rate risks.


利器二: 为“走出去”企业提供低成本的境外融资,帮助企业节约融资成本

Measure 2: It is necessary to provide low-cost offshore financing for Chinese enterprises moving into the global market in order to help save on financing costs.

泛亚电竞 kgongsishiguoneilingxiandekongqiyasuojishengchanqiye,juyouguojixianjinshuipingdeshengchanjishu,jishuyanfanengliqiang,suizhejienengjianpaizhengcedetuixing,chanpinjingzhenglijinyibudedaotisheng。suizheguojia“yidaiyilu”changyidebuduanshenrutuijin,kgongsiyejijicanyuguojishichangjingzheng,2016nian,qichenggongshougouyijiaxinjiapodirenenggongsi100%deguquan,gaigongsiyongyouyijiayinnidirenenggongsi95%deguquan,shiyinni240mwdirefadianxiangmudekaifafang。weizhichiyinnigongsiyiqidirefadianxiangmufanyadianjing,kgongsixuyaoyituojingneimugongsiderongzinengli,weijingwaixiangmufanyadianjingzhengquzhongzhangqixiangmudaikuan。

let us take company b as another example. it is a leading manufacturer of air compressors in china, and has world-class production technology and strong research and development capabilities. with the implementation of energy-saving and emission reduction policies, company b’s competitiveness has been further enhanced. as china’s "belt and road" gains traction, the company has seen its products take a growing share of the international market. in 2016, the company acquired a 100% equity interest in a geothermal energy company in singapore, which owns 95% of an indonesian company in the same field and is participating in a 240mw geothermal power generation project in indonesia. in order to support construction in the first phase of the indonesian project, the company obtained financing from its parent company.


泛亚电竞 genju《zhongguorenminyinxingguanyujingneiyinxingyejinrongjigoujingwaixiangmurenminbidaikuandezhidaoyijian》(yinfa〔2011〕255hao)deguiding,yunxujingneiyinxingweijingneiqiyezai“zouchuqu”guochengzhongkaizhandegeleijingwaitouziheqitahezuoxiangmu(baokuodanbuxianyujingwaizhijietouzi、duiwaichengbaogongchengyijichukoumaifangxindaideng)fafangrenminbidaikuan。kaolvgaixiangmuweijingwaixiangmu,jinrongjigouyituozishendechayihuayoushizujiankuajingyintuandaikuan,weikgongsitigongdichengben、gaoxiaolvdekuajingjinrongfanyadianjing。qizhong: zhongguojinchukouyinxingjiezhuzhengcexingyinxingyoushi,liyongyangxingdichengbendesplrenminbitedingdaikuan(pledged supplementary lending,diyabuchongdaikuan),weigaixiangmutigongzhichi;zhongguoyinxingjiezhubianbuquanqiudewangdianyoushi,tongguojingnei、waizhixingkuajingliandongcantuan,weigaijingwaixiangmutigongjizhanghuguanli、kuajingjiesuan、jingwairongzi、quanqiuxianjinguanlidengweiyitidekuajingjinrongfanyadianjing,tongshijiezhujingwaijigoudezhudianyoushi,genghaodijinxingyintuandedaihouguanli。

according to the guiding opinions of the people’s bank of china on renminbi loans for overseas projects of domestic banking institutions (issued by the people’s bank of china in  2011, document no.255), domestic banks are permitted to provide various types of financing to support overseas investments by domestic enterprises. renminbi loans are issued for other cooperation projects (including but not limited to overseas direct investment, overseas contracted projects and export buyer’s credits). for overseas projects, financial institutions relied on their own advantages to arrange cross-border syndicated loans to provide the company with low-cost, efficient cross-border financial services. the export-import bank of china is one bank offering preferential policies, utilizing the central bank’s low-cost, renminbi-denominated pledged supplementary lending to support the project. bank of china, with the help of its network around the world, is providing cross-border financial services for overseas projects through its cross-border branches. its services include account management, cross-border settlement, offshore financing, global cash management and better loan management.


利器三: 迎合“走出去”企业资产保值融通需求,助力“一带一路”沿线产业合作园区泛亚电竞

Measure 3: It is necessary to cater to the needs of asset protection and financing requirements of those enterprises going global, helping the construction of industrial cooperation parks in the "Belt and Road" participating countries.

泛亚电竞 taiguotaizhongluoyonggongyeyuanshishangwubushoupaide“shoupijingwaijingmaohezuoqu”,yeshishoujiazaitaiguokaifafanyadianjingdezhongguojingwaigongyeyuanqu。gongyeyuanweiyutaiguodongbuhaian,kaojintaiguoshoudoumanguhelianchabangshenshuigang,zongtiguihuamianji12pingfanggongli,zhuyaoxiyinqipei、jixie、jiadiandengzhongguozhizaoyeqiyeruyuanshechang,xianyichengweijizhizao、wuliu、shangyeshenghuoquweiyitidexiandaihuazongheyuanqu。zhongtailiangguozhengfuguanxiyouhao,jingmaohezuoriyijinmi,zhengxiyinyuelaiyueduodezhongguoqiyejinruyuanqu。muqian,taizhongluoyonggongyeyuanneiruzhuzhongguoqiyegongji80yujia,leijizongtouzijin30yimeiyuan,jiejuedangdijiuye2wanyuren,leijishixiangongyezongchanzhi80yimeiyuan;jinsannian,leijishixiangongyechanzhi55yimeiyuan,yuezhantaiguogongyechanzhide5‰,shangjiaoshuifeijiejin6000wanmeiyuan。

泛亚电竞 rayong industrial park in thailand, for example, was the first overseas industrial park to be developed and built in thailand with chinese partnership. located on the country's east coast close to the capital bangkok and the laem chabang deepwater port, the industrial park covers a total planned area of 12 square kilometers, attracting makers of auto parts, machinery and household appliances.  at present, it has become a modern park integrating manufacturing, logistics and commerce. the friendly relations and close economic and trade ties between china and thailand are attracting more and more chinese enterprises to the park. there are now more than 80 chinese companies in the rayong zone with total investment of nearly us$3 billion. the zone employs more than 20,000 local workers with a total accumulated industrial output of us$8 billion. in the last three years, the total industrial output reached us$5.5 billion, and turning over tax payments of about us$60 million to the state.


gongyeyuanquruzhudezhongguoqiyemiji,duirenminbijieshouduherenkedujiaogao。jinnianlai,yinxingdekuajingrenminbifanyadianjingyoulidimanzulejingwai“zouchuqu”dezhongguoqiyezichandebaozhixuqiu,tongshifangbianlezhongguoqiyeyujingneimugongsidezijinrongtong。

the chinese enterprises that set up in the industrial park have shown a great willingness to make renminbi investments. in recent years, cross-border renminbi services of banks have effectively met the needs of chinese companies operating abroad to maintain the value of their assets. they also have facilitated the financial ties between overseas chinese enterprises and their domestic parent companies.


taizhongluoyonggongyeyuanquneidezgongsishizhongguozuidadeluntaishengchanqiyedejingwaiqiye,weileguibimeiguoduizhongguoluntaixingyedechengfaxingguanshui,budebuchangshi“zouchuqu”;kaolvzhongguohedongmengguojiajiandeshuishoujianmianzhengce,gaigongsijuedingruzhuluoyonggongyeyuan。zgongsixianyounianxiaoshoue3yimeiyuan,yuancailiaocongguoneicaigou,xiaowangmeiguodengdi,cunzairenminbizhifuhechubeidexuyao。kuajingrenminbiduiwaitouzidetouzikuankezhijieyongyujingneiyuancailiaocaigou,bangzhuqiyeduichongcaigouduanhuilvfengxian,jianshaohuiduidecaiwuchengben;tongshi,zhongguozhengjuwending,jingjichixuzengzhang,renminbibizhixiangduiwending,chiyouwendingrenminbizichanyouliyuzichanbaozhi,jianshaohuilvfengxian。

another chinese company, which we will call company c and operates in the rayong industrial park, is chinese largest manufacturer of tires with a manufacturing presence overseas. in order to circumvent punitive us tariffs on china’s tire industry, it has been pressured to go global. due to the favorable tax policies in effect between china and the asean countries, the company decided to invest in the rayong industrial park. the company has annual sales of about us$300 million, much of that to the us, with raw materials purchased from chinese suppliers. this requires renminbi payments and reserves. cross-border overseas renminbi investment can be directly used for the purchase of domestic raw materials in order to help companies reduce exchange rate risks and financing costs. china’s political stability, sustained economic growth and the relatively stable value of the renminbi help preserve the value of assets and reduce exchange risks.


泛亚电竞 taizhongluoyonggongyeyuanquneidedgongsishijingneishengchankongdiaoqizhujihezhilengshebeide“zouchuqu”qiye。kaolvrenlichengbenyuanyin,dgongsidexiayougongyinglianhexinqiyeqianyizhitaiguo,dgongsizuoweipeitaochanpingongyingshang,kaolvgongyinglianxietongbianli,yezaitaiguodeluoyonggongyeyuanshelilegongchang。dgongsizaigongyeyuanshiyongrenminbizibenjin,youyugaigongsiyujingneimugongsicunzairenminbizijinkuajingyuqueshuangxiangdiaojidexuqiu,suishenqingjianlikuajingshuangxiangrenminbizijinchi: dangjingwaigongsirenminbichongyushi,kejiangrenminbidiaohuijingneimugongsishiyong;dangjingwaigongsixuyaorenminbirongzishi,jingneimugongsikelinshichujierenminbizijin。

泛亚电竞 company d in rayong industrial park is an enterprise that is also stepping out into the international market, producing mainframe air-conditioners and refrigeration equipment in china. due to the rising domestic labor costs, the company's core downstream enterprise has relocated to thailand. as an accessory product supplier, company d has set up a factory in the rayong industrial park for better supply chain coordination and greater convenience. the company used renminbi as its capital for the thai operation. the company received approval to conduct two-way cross-border renminbi capital pooling. when the overseas company has surplus renminbi, those funds can be transferred back to the chinese parent company. when the offshore company needs renminbi financing, the domestic parent company may temporarily lend it renminbi funds.

 

zuozhedanwei: zhongguoyinxingzhejiangshengfenxing

the author is from the zhejiang branch of bank of china.

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