Keeping profits invested in China: the domestic-reinvestment framework and Chongqing’s 2026 implementation
- China’s framework encouraging reinvestment in China by foreign-invested enterprises took concrete local form on 4 September 2026, when Chongqing issued 16 measures (Yu Fagai Guifan [2026] No. 9) implementing the national policy set out in the NDRC-led 2025 notice (Fa Gai Wai Zi [2025] No. 928) on encouraging domestic reinvestment by foreign-invested enterprises.
中国鼓励外商投资企业境内再投资的制度框架于2026年9月4日落地为具体地方政策：重庆印发16条措施（渝发改规范〔2026〕9号），落实国家发展改革委等部门2025年《关于实施鼓励外商投资企业境内再投资若干措施的通知》（发改外资〔2025〕928号）确立的国家政策。
- Reinvestment means an FIE in China using its undistributed profits, or an overseas investor using profits lawfully derived in China, to set up a new enterprise, increase capital in an existing one, acquire equity or other interests, or fund investment projects — a channel that keeps foreign capital working inside China rather than repatriating it.
再投资是指外商投资企业运用未分配利润、或境外投资者以境内合法分得的本外币利润，在境内投资新设企业、增资现有企业、取得境内企业股份股权财产份额或其他类似权益、以及投资项目——让外资留在境内继续经营而非汇出。
- The 2025 national notice delivered eleven measures: project-service guarantees with access to key-foreign-project lists, land-allocation flexibility, streamlined procedures for new reinvestment entities, easier use of foreign-exchange profits (domestic transfers of lawful FX profits), financing channels (green-channel treatment for related-shareholder loans and panda bonds), and financial product innovation.
2025年国家通知提出11项措施：项目服务保障（符合条件的再投资项目可纳入重大和重点外资项目清单）、优化土地要素配置、简化再投资新设企业办理流程、便利外汇资金使用（合法外汇利润可按规定境内划转）、畅通融资渠道（外方关联股东贷款、”熊猫债”纳入”绿色通道”管理）以及金融产品与服务创新。
- Chongqing’s 16 measures steer reinvestment toward its manufacturing clusters (“33618”), modern services (“9611”) and technology strategy (“416”), applying national-treatment principles — full removal of manufacturing FDI access restrictions is confirmed, with reinvesting projects eligible for the same factor guarantees and support policies as domestic projects.
重庆16条把再投资引向其制造业集群（”33618″）、现代服务业（”9611″）与科技创新布局（”416″），落实内外资一致原则——确认制造业外资准入限制”全面清零”，符合条件的外资再投资制造业项目按内外资一致原则同等享受要素保障与扶持政策。
- Practical financial facilitation in Chongqing includes panda-bond issuance support, delegation of the signing-and-registration authority for related-shareholder loans, QFLP pilot exploration, removal of account-opening requirements for renminbi reinvestment of capital-project income and domestic profit, and streamlined bank FX procedures — lowering the friction of keeping profits invested.
重庆的金融便利化细则包括：支持发行”熊猫债”、下放外方关联股东贷款签约登记权限、探索QFLP试点、取消资本项目人民币收入与境内人民币利润再投资对应的账户开立要求、鼓励银行优化外汇业务流程——降低利润留华再投资的摩擦。
- For overseas investors, the practical takeaways are: profit reinvestment now enjoys explicit service guarantees and financing facilitation at national and local levels; reinvestment-oriented enterprises should review the profit-reinvestment tax preference rules, the information-reporting pilot for domestic investment, and the sector maps of the relevant province before structuring the deal.
对境外投资者的实务要点：利润再投资在国家与地方层面均获得明确的服务保障与融资便利；筹划交易前应了解利润再投资税收优惠政策、境内投资信息报告试点以及所在省份的产业引导方向。
Keeping profits invested in China: the domestic-reinvestment framework and Chongqing’s 2026 implementation | 让利润留在中国：外资境内再投资框架与重庆2026版落地16条
Overview
Encouraging foreign-invested enterprises (FIEs) and their overseas shareholders to reinvest profits inside China rather than repatriate them has been a declared policy priority for three consecutive years of the government work report. The national architecture rests on the notice issued in July 2025 by the National Development and Reform Commission (NDRC) together with six other departments — the Notice on Implementing Measures to Encourage Domestic Reinvestment by Foreign-Invested Enterprises (Fa Gai Wai Zi [2025] No. 928) — which set out eleven facilitation measures.
The framework moved from national guidance to local operation in September 2026. On 4 September 2026 the Chongqing Development and Reform Commission issued the Measures of Chongqing Municipality on Encouraging Domestic Reinvestment by Foreign-Invested Enterprises (Yu Fagai Guifan [2026] No. 9), a 16-measure package that translates the national policy into concrete sector targeting, financial facilitation and service guarantees. Chongqing is one of the first large municipalities to publish a dedicated implementation, and its measures are a useful lens for any FIE group assessing where and how to keep profits invested in China.
What “reinvestment” covers
Under both the national notice and the Chongqing measures, reinvestment includes: an FIE established in China using its undistributed profits, or an overseas investor using profits lawfully derived in China (in RMB or foreign currency), to:
- establish a new enterprise;
- increase the capital of an existing enterprise;
- acquire shares, equity interests, property shares or similar interests in a domestic enterprise; or
- fund investment projects.
The definition is broad enough to cover organic expansion, M&A-style investments and project financing — the main routes by which foreign capital deepens rather than exits.
The national framework: eleven measures
The 2025 NDRC-led notice rests on four pillars:
- Project service guarantees. Reinvestment projects that meet the criteria can be included in the lists of major and key foreign-investment projects and enjoy the corresponding support policies, giving them access to the tiered project-service machinery.
- Land allocation. Optimised allocation of land factors for reinvestment, including flexible supply models.
- Simplified procedures. Streamlined procedures for establishing a new enterprise for reinvestment purposes.
- Foreign-exchange and financing facilitation. Foreign-exchange profits lawfully derived can be transferred domestically in accordance with the rules for reinvestment; financing channels are widened, with related-shareholder loans from the foreign side and panda bonds brought under “green channel” management.
The tax layer sits alongside the notice: under the rules on profit-reinvestment tax treatment applicable to foreign investors who directly invest their distributed profits in China, qualifying reinvestment can defer or credit the withholding exposure that would otherwise arise on dividend distribution — investors should confirm the current implementing details with their advisers, as the regime was refined through 2025 announcements.
Chongqing’s 16 measures: sector targeting meets national treatment
Chongqing’s implementation organises 16 measures into three dimensions — guiding investment direction, facilitating investment and operation, and raising service guarantees — with national treatment as the spine:
- Direction. Reinvestment is guided toward the “33618” modern-manufacturing cluster system (intelligent connected new-energy vehicles, new-generation electronic information manufacturing, advanced materials and related tracks), the “9611” modern-services system (industrial design, supply-chain management, IP operation, brand marketing, inspection and certification), and the “416” science-and-technology strategy (R&D centres, technology-attack projects, pilot-platform construction). The municipality confirms that manufacturing FDI access restrictions have been fully removed (“全面清零”) and that qualifying reinvestment projects in manufacturing enjoy the same factor guarantees and support policies as domestic projects under the national-treatment principle.
- Financial facilitation. Enterprises are supported in issuing panda bonds; the signing-and-registration authority for foreign related-shareholder loans is delegated downward; QFLP pilots are explored; the requirement to open dedicated accounts for renminbi reinvestment of capital-project income and domestic renminbi profits is cancelled; and banks are encouraged to streamline foreign-exchange business procedures. The municipality also supports reinvestment projects in applying for ultra-long-term special treasury bond funds and encourages the expansion of Chongqing entries in the Catalogue of Industries with Advantages for Foreign Investment in Central and Western China, linking to the encouraged-industry tax incentives.
- Service guarantees. A municipal reinvestment project bank is established with tiered co-ordination by foreign-investment project teams; the business-environment regulation is to be revised to raise the ease of living and working in Chongqing for foreign nationals; a pilot on information reporting of domestic investment by FIEs is advanced with cross-departmental data sharing; and the performance-evaluation system for investment promotion will count domestic reinvestment.
What this means for foreign-invested groups
- Reinvestment is now a managed, service-backed channel. Between the national project-list machinery and local project banks, a reinvestment that fits the province’s sector map can expect faster co-ordination than an ad-hoc expansion.
- Sector maps differ by province. Chongqing’s “33618/9611/416” vocabulary is local; the same logic — steer reinvestment toward provincial priority clusters — applies elsewhere. Choose the reinvestment destination partly by matching your industry to the province’s priority list to capture factor guarantees and incentives.
- Financing friction is falling. Panda bonds, delegated related-shareholder loan registration and the removal of account-opening steps for renminbi reinvestment lower the administrative cost of funding a reinvestment from profits.
- Tax structuring needs care. The interaction between profit-reinvestment tax treatment, dividend withholding and the individual-tax rules for foreign shareholders (separately tightened from September 2026 for dividends to foreign individuals) should be modelled before distributing and reinvesting.
- Reporting duties apply. The pilot on information reporting of domestic investment by FIEs means reinvestment transactions should be filed through the foreign-investment information-reporting system as applicable.
Practical steps
- Identify which profits (undistributed vs distributed-but-not-repatriated; RMB vs FX) you plan to reinvest, and confirm the applicable tax treatment for each route.
- Map your target industry against the priority sector lists of the province or municipality where the reinvestment will land.
- For large reinvestments, request inclusion in the major/key foreign-investment project list or the local project bank to access tiered service.
- Structure financing deliberately: evaluate panda-bond issuance, related-shareholder loan registration delegation and QFLP options against your group’s treasury model.
- File the required investment information reports and keep the supporting documentation that reinvestment tax preferences demand.
Sources
- 重庆市发展和改革委员会 — 关于印发《重庆市鼓励外商投资企业境内再投资若干措施》的通知（渝发改规范〔2026〕9号）: https://www.fzggw.cq.gov.cn/zwgk/zfxxgkml/zcwj/xzgfxwj/sfzggwxzgfxwj/202609/t20260904_16034139.html
- 重庆市人民政府网 — 重庆出台16条举措 鼓励外商投资企业境内再投资（政策解读）: https://www.cq.gov.cn/ywdt/jrcq/202609/t20260905_16035870.html
- 中华人民共和国商务部 — 外国投资管理（政策发布栏目，含《关于实施鼓励外商投资企业境内再投资若干措施的通知》等文件索引）: https://www.mofcom.gov.cn:8443/zcfb/wgtzgl/index.html
Related reading
- see also: how profit repatriation and outbound payments are taxed for FIEs (profit-repatriation)
- see also: reinvestment and holding structures for foreign investors (fie-investment-company-regional-hq)
让利润留在中国：外资境内再投资框架与重庆2026版落地16条
概述
鼓励外商投资企业及其境外股东把利润留在中国境内再投资而非汇出，已连续三年写入政府工作报告的政策部署。国家层面架构依托2025年7月国家发展改革委等七部门印发的《关于实施鼓励外商投资企业境内再投资若干措施的通知》（发改外资〔2025〕928号），提出11项便利措施。
这一框架在2026年9月从国家指导走向地方实操。2026年9月4日，重庆市发展和改革委员会印发《重庆市鼓励外商投资企业境内再投资若干措施》（渝发改规范〔2026〕9号）——一份16条政策包，把国家政策细化为具体的产业引导、金融便利与服务保障。重庆是率先发布专项落地文件的直辖市之一，其措施为任何评估”利润留在哪里、如何再投资”的外企集团提供了有用参照。
“再投资”涵盖什么
依据国家通知与重庆措施，再投资包括：在中国境内依法设立的外商投资企业运用未分配利润，或境外投资者以境内合法分得的本外币利润：
- 新设企业；
- 增资现有企业；
- 取得境内企业股份、股权、财产份额或其他类似权益；或
- 投资项目。
定义宽到足以覆盖内生扩张、并购式投资与项目融资——外资”深耕”而非”退出”的主要路径。
国家框架：11项措施
2025年国家发展改革委牵头的通知依托四大支柱：
- 项目服务保障。 符合条件的再投资项目可纳入重大和重点外资项目清单并享受相应支持政策，接入分级项目服务机制。
- 土地要素。 优化再投资土地要素配置，包括弹性供给方式。
- 简化流程。 简化以再投资为目的新设企业的办理流程。
- 外汇与融资便利。 合法外汇利润可按规定境内划转用于再投资；拓宽融资渠道，外方关联股东贷款与”熊猫债”纳入”绿色通道”管理。
税收层与通知并行：按适用于境外投资者以分配利润境内直接投资的再投资税收优惠规则，符合条件的再投资可递延或抵免本应在股息分配环节产生的预提税负——由于该制度经2025年系列公告细化，投资者应向顾问确认现行实施口径。
重庆16条：产业引导×国民待遇
重庆版把16条措施组织为三个维度——引导投向、便利投资经营、提升保障水平，以内外资一致原则为骨架：
- 投向引导。 引导再投资进入”33618″现代制造业集群体系（智能网联新能源汽车、新一代电子信息制造业、先进材料等赛道）、”9611″现代服务业体系（工业设计、供应链管理、知识产权运营、品牌营销、检验检测认证）以及”416″科技创新战略布局（研发中心、技术攻关、中试平台建设）。重庆确认制造业外资准入限制已”全面清零”，符合条件的外资再投资制造业项目按内外资一致原则同等享受要素保障与扶持政策。
- 金融便利。 支持发行”熊猫债”；下放外方关联股东贷款签约登记权限；探索QFLP试点；取消资本项目人民币收入与境内人民币利润再投资对应的账户开立要求；鼓励银行优化外汇业务流程。重庆还支持符合条件的再投资项目申报超长期特别国债资金，并争取扩容《中西部等地区外商投资优势产业目录》重庆条目、衔接鼓励类税收优惠。
- 服务保障。 建立外商投资企业境内再投资项目库，依托外资项目专班分级分类协调服务；修订营商环境条例、提升境外人员来渝工作生活便利；推进外商投资企业境内投资信息报告试点并完善跨部门信息共享；把境内再投资纳入外商投资促进成效评价。
对外资集团的意义
- 再投资成为有管理、有服务支撑的通道。 从国家项目清单机制到地方项目库，符合所在省份产业地图的再投资可望获得比个案式扩张更快的协调。
- 产业地图因省而异。 重庆的”33618/9611/416″是本地话语；同样的逻辑——把再投资导向省级优先集群——适用于各地。选择再投资目的地时，应部分依据本行业与该省优先清单的匹配度，以获取要素保障与激励。
- 融资摩擦在下降。 “熊猫债”、关联股东贷款登记下放、取消人民币再投资开户步骤，降低了以利润注资再投资的行政成本。
- 税务架构需要谨慎。 利润再投资税收优惠、股息预提税、以及外籍个人股东个税规则（2026年9月起外籍个人取得股息按20%征税已另行收紧）之间的互动，应在分配与再投资前测算。
- 申报义务适用。 外商投资企业境内投资信息报告试点意味着再投资交易应按规定通过外商投资信息报告系统报送。
实务建议
- 明确拟再投资的利润类别（未分配 vs 已分配未汇出；人民币 vs 外汇），逐条确认适用税收待遇。
- 把目标行业与拟落地省市优先产业清单对照。
- 大额再投资可申请纳入重大/重点外资项目清单或地方项目库，接入分级服务。
- 审慎设计融资结构：对照集团财资模式评估熊猫债、关联股东贷款登记下放与QFLP选项。
- 按规定办理投资信息报告，并留存再投资税收优惠所需的支持文件。
来源
- 重庆市发展和改革委员会 — 关于印发《重庆市鼓励外商投资企业境内再投资若干措施》的通知（渝发改规范〔2026〕9号）: https://www.fzggw.cq.gov.cn/zwgk/zfxxgkml/zcwj/xzgfxwj/sfzggwxzgfxwj/202609/t20260904_16034139.html
- 重庆市人民政府网 — 重庆出台16条举措 鼓励外商投资企业境内再投资（政策解读）: https://www.cq.gov.cn/ywdt/jrcq/202609/t20260905_16035870.html
- 中华人民共和国商务部 — 外国投资管理（政策发布栏目，含《关于实施鼓励外商投资企业境内再投资若干措施的通知》等文件索引）: https://www.mofcom.gov.cn:8443/zcfb/wgtzgl/index.html
相关阅读
- 见：外商投资企业利润汇出与对外付款的税务处理（profit-repatriation）
- 见：外资再投资与控股架构（fie-investment-company-regional-hq）