China’s 11 Draft Measures on Cross-Border Investment and Financing Facilitation: A Treasurer’s Reading
- The State Administration of Foreign Exchange issued a consultation draft on 23 October 2026 to further optimise cross-border investment and financing facilitation, with comments due by 22 November 2026; it is a consultation draft and is not yet in force.
国家外汇管理局于 2026 年 10 月 23 日发布《关于进一步优化跨境投融资便利化政策有关事宜的通知（征求意见稿）》，反馈截止 2026 年 11 月 22 日；该文件属征求意见稿，尚未施行。
- The draft contains 11 measures in three groups: four on direct investment, four on cross-border financing and three on improving foreign exchange registration.
征求意见稿共 11 项政策，分三组：直接投资 4 项、跨境融资 4 项、优化外汇登记 3 项。
- On direct investment, it would allow capital account receipts to be settled and paid directly, facilitate the remittance of petty cash for outbound direct investment, simplify the supporting documents required for outbound remittance, and improve the review of such remittances.
在直接投资方面，拟便利资本项目收入直接结汇支付、便利境外直接投资备用金汇出并简化境外企业日常小额经营开支汇出手续、简化境外直接投资资金汇出审核材料以免企业重复提供单证，并优化资金汇出审核。
- According to media readings of the draft, direct settlement of capital account receipts would be capped at the equivalent of USD 500,000 per month, against USD 200,000 per month under the existing petty cash method, and the existing petty cash rules for capital account receipts would cease to apply.
据媒体梳理征求意见稿，资本项目收入直接结汇支付为每月不超过等值 50 万美元，现行备用金方式为每月累计不超过等值 20 万美元，且境内机构以备用金名义使用资本项目收入的相关规定不再执行。
- On cross-border financing, qualifying technology enterprises could borrow foreign debt of up to the equivalent of USD 10 million, and enterprises selected under the innovation points system up to USD 20 million, according to media readings.
据媒体梳理，符合条件的科技企业可在不超过等值 1 000 万美元额度内借用外债，其中依托”创新积分制”遴选的企业可在不超过等值 2 000 万美元额度内申请。
- The category risk conversion factor for qualifying foreign-invested enterprises borrowing from overseas affiliates, and for qualifying green or low-carbon foreign debt, would be cut from 1 to 0.5, and shared foreign debt quotas for financial leasing parent and subsidiary companies would be rolled out nationwide.
符合条件的外商投资企业向境外关联企业借用外债，以及符合条件的企业借用外债用于绿色发展或低碳转型项目，类别风险转换因子由 1 下调至 0.5；融资租赁母子公司共享外债额度政策全国推广。
- The registration measures would permit outbound direct investment registration to be handled outside the place of registration, allow banks to process certain registrations for loans by their offshore departments, and widen the range of capital account items that can be filed online.
登记便利化措施拟允许境外直接投资登记异地办理，允许境内银行离岸部门贷款所涉部分登记由银行直接办理，并扩大资本项目”网上办”业务范围。
China’s 11 Draft Measures on Cross-Border Investment and Financing Facilitation: A Treasurer’s Reading | 跨境投融资便利化 11 条征求意见稿：财务负责人的阅读顺序
Overview
The State Administration of Foreign Exchange (SAFE) published a consultation draft on 23 October 2026 entitled Notice on Further Optimising Cross-Border Investment and Financing Facilitation Policies. Comments close on 22 November 2026.
The draft is not in force. Every transaction described below continues to be handled under the rules currently in effect until the notice is finalised and issued. What the draft offers is a preview of where the administration intends to reduce friction, and that preview is specific enough to be useful for planning the next fiscal year.
The 11 measures fall into three groups: four on direct investment, four on cross-border financing, and three on improving foreign exchange registration. The three groups address, in order, getting capital into use, how much foreign debt an entity may carry, and where the paperwork is filed.
Direct investment: four measures
The first measure would allow capital account receipts to be settled and paid directly, with the stated aim of further raising the efficiency of foreign investment. The second would facilitate the remittance of petty cash for outbound direct investment and simplify the formalities for a overseas entity’s small day-to-day operating expenses. The third would simplify the supporting documents required when outbound direct investment funds are remitted, so that an enterprise is not asked to produce the same documents twice. The fourth would improve the review of those remittances.
The numbers behind the first two measures come from media readings of the draft rather than from the notice itself. According to those reports, direct settlement of capital account receipts would be available up to the equivalent of USD 500,000 per month, against a ceiling of USD 200,000 per month accumulated under the existing petty cash method, and the provisions governing the use of capital account receipts in the name of petty cash would no longer apply.
For outbound investment, the reports put the petty cash remittance ceiling at the equivalent of USD 200,000 per month, subject to a cumulative cap of 10 per cent of the outbound direct investment remittance quota registered for that domestic entity, and handled against a letter of commitment on the overseas use of the petty cash.
Cross-border financing: four measures
The first measure widens the population of entities eligible for cross-border financing facilitation. Technology enterprises — innovative small and medium-sized enterprises, manufacturing single-champion enterprises, science and technology reform demonstration enterprises, national enterprise technology centres, enterprises at the advanced level and above in the smart factory tiered cultivation system, and enterprises on the Ministry of Agriculture and Rural Affairs key laboratory list — could borrow foreign debt within a quota of up to the equivalent of USD 10 million. Among them, enterprises selected by the relevant departments through the innovation points system could apply within a quota of up to the equivalent of USD 20 million. These figures again come from media readings.
The second measure reduces the category risk conversion factor for borrowing from overseas affiliates. Under the macroprudential management model, a qualifying foreign-invested enterprise borrowing foreign debt from an overseas affiliate would have that factor cut from 1 to 0.5.
The third measure rolls out the green foreign debt policy nationwide. A qualifying enterprise borrowing foreign debt for green development or low-carbon transition projects would likewise see the category risk conversion factor cut from 1 to 0.5.
The fourth measure rolls out nationwide the arrangement under which a financial leasing parent and its subsidiaries share a foreign debt quota.
The factor is a weighting, not a multiplier on the quota itself. Under the macroprudential framework, an entity’s risk-weighted cross-border financing balance is calculated by applying risk conversion factors to each category and tenor of financing, and the resulting figure is measured against a ceiling derived from the entity’s net assets and the macroprudential adjustment parameter. Halving the category factor changes the risk-weighted weight of affiliate borrowing; it does not create a standalone entitlement. The arithmetic for a specific entity should be run by its bank under the cross-border financing macroprudential rules in force, not reconstructed from a press summary.
Registration: three measures
The registration group is the least visible and, for a group with several China entities, often the most valuable.
Outbound direct investment registration could be handled outside the place of registration, which removes the need to file in the city where the investing entity is domiciled. Certain registrations connected to loans made by a domestic bank’s offshore department could be processed directly by the bank. And the range of capital account items that can be filed online through SAFE’s digital platform would widen, covering overseas derivatives business, domestic guarantee for overseas lending, onshore lending to overseas entities, and claims on non-residents arising from the performance of a domestic guarantee for overseas lending.
Implications for foreign companies
Read the draft as four separate ledgers.
Cash in use. The direct settlement measure addresses a familiar problem: capital contributions or foreign debt arrive in the capital account and then sit there while each payment is documented. A higher monthly ceiling for direct settlement, and the withdrawal of the petty cash rules for capital account receipts, changes how much documentation sits between a receipt and a routine payment. For a trading or services entity with steady operating outflows, this is the measure that lands first.
Borrowing capacity. The factor reduction for affiliate borrowing matters most to wholly foreign-owned enterprises that fund themselves through an overseas parent rather than through onshore bank credit. A factor of 0.5 rather than 1 lowers the risk-weighted weight of the same nominal borrowing, so more nominal debt fits under the same ceiling. For groups with a manufacturing project that qualifies as green or low-carbon, the third measure offers the same treatment on a project basis rather than an affiliate basis. Note that the two are separate measures with separate conditions; the draft does not say they can be stacked, and an entity should not assume they can.
Leasing structures. Shared quotas between a financial leasing parent and its subsidiaries, now to be national, allow a group to allocate quota where the assets are rather than where the licence sits.
Filing geography. Out-of-place registration and a wider online catalogue cut the cost of running a group with entities in several jurisdictions.
What to do before 22 November 2026
Comments may be submitted by email to invest@mail.safe.gov.cn, by letter to the Comprehensive Analysis Division, Capital Account Management Department, SAFE, 30 Financial Street, Xicheng District, Beijing 100033, or by fax to 010-68402208. The deadline is 22 November 2026.
Until the notice is issued, existing practice continues. The productive preparatory step is to model the current position: for each China entity, the monthly volume of capital account payments, the existing petty cash usage, the registered outbound remittance quota, and the current risk-weighted cross-border financing balance against its ceiling. That baseline shows which of the 11 measures would actually change a number for the group, and which would only shorten a process.
Related reading
- The cross-border financing macroprudential management framework, which determines how the category risk conversion factor enters an entity’s quota calculation.
- Foreign debt registration and the foreign-invested enterprise filing system, where the borrowing entity’s basic parameters are recorded.
- Outbound direct investment filing and the reporting obligations that apply to overseas holdings.
Sources
- 国家外汇管理局·关于进一步优化跨境投融资便利化政策有关事宜的通知（征求意见稿）公开征求意见（2026-10-23）：https://www.safe.gov.cn/safe/2026/1023/28018.html
- 国家外汇管理局·政策法规与通知公告发布栏目（跨境融资、资本项目收入支付便利化相关现行规定）：https://www.safe.gov.cn/
- 国家外汇管理局·外商投资企业外汇管理相关规定（境外投资者利润再投资、外债登记）：https://www.safe.gov.cn/safe/whxw/index.html
- 中国人民银行·跨境人民币业务与全口径跨境融资宏观审慎管理政策：http://www.pbc.gov.cn/
跨境投融资便利化 11 条征求意见稿：财务负责人的阅读顺序
概述
国家外汇管理局于 2026 年 10 月 23 日发布《关于进一步优化跨境投融资便利化政策有关事宜的通知（征求意见稿）》，公开征求意见，反馈截止 2026 年 11 月 22 日。
这份文件尚未施行。在通知定稿发布之前，本文提到的每一类业务仍按现行规定办理。征求意见稿提供的是一份预告：管理机关打算在哪些环节减少摩擦；而这份预告具体到足以用来安排下一个财年的资金计划。
11 项政策分三组：直接投资 4 项、跨境融资 4 项、优化外汇登记 3 项。三组依次解决资金出账、外债规模与材料报送。
直接投资：4 项
第一项拟便利资本项目收入直接结汇支付，文件给出的目标是进一步提升外资投资效率。第二项拟便利境外直接投资备用金汇出，简化境外企业日常小额经营开支的汇出手续。第三项拟简化境外直接投资资金汇出的审核材料，使企业不必重复提供同一批单证。第四项拟优化境外直接投资资金汇出的审核。
前两项背后的额度数字来自媒体对征求意见稿的梳理，而非通知正文。据这些报道，资本项目收入直接结汇支付为每月不超过等值 50 万美元，现行备用金方式为每月累计不超过等值 20 万美元，且境内机构以备用金名义使用资本项目收入的相关规定不再执行。
境外投资方面，报道给出的备用金汇出口径是每月不超过等值 20 万美元，且累计不超过该境内机构境外直接投资登记汇出额度的 10%，凭备用金境外使用用途承诺函办理。
跨境融资：4 项
第一项扩大跨境融资便利的主体范围。创新型中小企业、制造业单项冠军企业、科改示范企业、（国家）企业技术中心、智能工厂梯度培育体系先进级及以上企业、农业农村部重点实验室名单内企业等科技企业，可在不超过等值 1 000 万美元额度内借用外债；其中有关部门依托”创新积分制”遴选的企业，可在不超过等值 2 000 万美元额度内申请。上述额度同样来自媒体梳理。
第二项下调关联企业借款的类别风险转换因子。宏观审慎管理模式下，符合条件的外商投资企业向境外关联企业借用外债，类别风险转换因子由 1 下调至 0.5。
第三项在全国推广绿色外债政策。符合条件的企业借用外债用于绿色发展或低碳转型项目，类别风险转换因子同样由 1 下调至 0.5。
第四项在全国推广融资租赁母子公司共享外债额度。
需要强调的是，因子是权重，不是直接乘在额度上的倍数。宏观审慎框架下，一个主体的跨境融资风险加权余额，是把各类跨境融资按相应风险转换因子加权后汇总，再与以净资产和宏观审慎调节参数为基础计算出的上限相比较。把类别因子减半，改变的是关联方借款在风险加权口径中的权重，并不单独创设一项额度。具体到某一家企业怎么算，应由其开户银行按现行跨境融资宏观审慎规则测算，不宜根据新闻摘要自行还原公式。
优化外汇登记：3 项
登记这一组最不显眼，但对拥有多个中国主体的集团来说，往往最实用。
境外直接投资登记拟允许异地办理，企业不必再到境内投资主体注册地所在城市办理。境内银行离岸部门贷款所涉的部分登记，拟由银行直接办理。资本项目”网上办”的业务范围拟扩大，境外衍生业务、内保外贷、境内机构境外放款、内保外贷担保履约形成对外债权等资本项下行政许可业务，可通过国家外汇管理局数字外管平台线上提交申请。
对外资企业的实务意义
把征求意见稿当成四本账来读。
第一本，在用资金。直接结汇支付这一项针对的是一个常见场景：资本金或外债资金到账后停在资本项目账户里，每一笔对外支付都要配一套单据。月度直接结汇额度提高、以备用金名义使用资本项目收入的旧规定不再执行，改变的是”到账”与”日常付款”之间隔着多少单据，对收支节奏稳定的贸易或服务类主体影响最直接。
第二本，借款空间。关联方借款的因子下调，对外商独资企业意义最大——这类企业往往靠境外母公司注资或借款维持，而不是靠境内银行授信。因子从 1 降到 0.5，同样的名义借款在风险加权口径下权重减半，于是同样的上限能容纳更多名义债务。对符合条件的绿色或低碳制造项目，第三项在项目层面给出同等待遇。要注意这是两项独立措施、各有条件，征求意见稿并未表示两者可以叠加，企业不宜自行假定可以叠加。
第三本，租赁结构。融资租赁母子公司共享外债额度政策全国推广后，集团可以把额度配置到资产所在地，而不是牌照所在地。
第四本，办理地点。异地登记加上更宽的线上目录，降低的是多主体集团的维护成本与跑办成本。
2026 年 11 月 22 日之前可以做什么
意见可通过三种方式提交：电子邮件 invest@mail.safe.gov.cn；信函寄至北京市西城区金融大街 30 号国家外汇管理局资本项目管理司综合分析处，邮编 100033；传真 010-68402208。截止日期为 2026 年 11 月 22 日。
在通知发布之前，现行做法继续有效。有价值的准备工作是先把现状建模：逐个中国主体统计资本项目对外支付的月度规模、现行备用金使用情况、已登记的境外直接投资汇出额度，以及当前跨境融资风险加权余额与上限之间的余量。有了这份基线，才能判断 11 项政策里哪几项会真正改变集团的数字，哪几项只是缩短流程。
延伸阅读
- 跨境融资宏观审慎管理框架，决定类别风险转换因子如何进入主体的额度计算。
- 外债登记与外商投资企业备案，借款主体的基础参数登记在这一环节。
- 境外直接投资备案，以及境外持股架构对应的报告义务。
来源
- 国家外汇管理局·《关于进一步优化跨境投融资便利化政策有关事宜的通知（征求意见稿）》（2026-10-23）：https://www.safe.gov.cn/safe/2026/1023/28018.html
- 新华财经·金融街发布（2026-10-23，含 1 000 万美元、2 000 万美元额度与因子 1→0.5 细节，属媒体报道）：https://m.cnfin.com/jrjfb-lb//zixun/20261023/4485827_1.html
- 上海证券报（2026-10-24，属媒体报道）：https://paper.cnstock.com/html/2026-10/24/content_2280892.htm
- 法治日报·法治网（2026-10-24，属媒体报道）：https://www.legaldaily.com.cn/index/content/2026-10/24/content_9478219.html