Cross-Border Investment Rules Update October 2026: Profit Reinvestment, Cash Pooling and Foreign M&A Reform
- SAFE has introduced a mechanism under which foreign-currency profits lawfully obtained by an overseas investor under a foreign direct investment can be reinvested inside China without being remitted offshore first, with funds credited directly to the capital account of the invested enterprise or to the capital-project settlement account of the equity transferor.
国家外汇管理局出台机制，明确外商直接投资项下境外投资者合法取得的外汇利润可在境内再投资、无需先汇出境外，资金可直接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。
- In early October 2026, under the guidance of the SAFE Shanghai Branch, the Agricultural Bank of China Shanghai Branch handled Shanghai’s first such reinvestment for Haomeng Che Liao (Shanghai) Co., Ltd., a national high-tech enterprise making motorcycle and bicycle parts.
2026 年 10 月上旬，在国家外汇管理局上海市分局指导下，中国农业银行上海市分行为主营摩托车、自行车零配件的国家级高新技术企业浩盟车料（上海）有限公司办理了上海首笔此类业务。
- The change replaces the previous “remit out, then remit back in” chain, shortening the path and lowering cost; the company reports faster capital turnover and notes that related supporting tax policies may also apply.
该变化取代了以往”先汇出、再汇入”的链路，缩短路径、降低成本；企业反馈资金周转效率明显提升，并表示还可享受相关配套税收政策红利。
- The PBOC and SAFE notice on multinational companies’ cross-border RMB and foreign-currency centralised fund operations (Yin Fa [2026] No. 163) has been published in the State Council Gazette; financial institutions, local government financing vehicles and real estate enterprises may not take part in a cash pool, except where a finance company acts as the lead enterprise.
中国人民银行、国家外汇管理局关于跨国公司本外币跨境资金集中运营业务的通知（银发〔2026〕163 号）已在《国务院公报》刊出；金融机构、地方政府融资平台公司和房地产企业不得参与资金池业务，财务公司作为主办企业的除外。
- The notice sets eight admission conditions, including a group-scale test: domestic members’ combined prior-year cross-border receipts and payments of at least RMB 700 million equivalent, or domestic revenue of at least RMB 1 billion plus overseas revenue of at least RMB 200 million equivalent.
通知设定 8 项准入条件，其中包括集团规模门槛：境内全部成员企业上年度本外币国际收支规模合计不低于等值 7 亿元人民币，或境内成员上年度营业收入合计不低于 10 亿元人民币且境外成员上年度营业收入合计不低于等值 2 亿元人民币。
- Where the lead enterprise is registered inside a pilot free trade zone, that threshold is halved — RMB 350 million, or RMB 500 million plus RMB 100 million equivalent.
主办企业注册在自由贸易试验区内的，该门槛减半——即 3.5 亿元人民币，或 5 亿元人民币加等值 1 亿元人民币。
- The revision of the rules on foreign investors’ M&A of domestic enterprises remains in progress: the Action Plan for Stabilising and Optimizing Foreign Investment calls for “expediting the revision and promulgation” of those rules and permits qualified foreign equity investment institutions to take part as strategic investors in securities issuance by listed companies in unrelated industries — but no revised text has been issued, so the rules in force today remain the operative baseline.
关于外国投资者并购境内企业的规定修订仍在推进中：《利用外资固稳促优行动方案》提出”加快修订出台”该规定，并允许符合条件的外资股权投资机构以战略投资者身份参与非相关行业上市公司证券发行——但修订稿尚未发布，现行有效规定仍是操作基准。
Cross-Border Investment Rules Update October 2026: Profit Reinvestment, Cash Pooling and Foreign M&A Reform | 2026 年 10 月跨境投资制度环境更新：利润再投资、资金池与外资并购改革
Overview
Foreign investment into China is shaped by rules that move in steps rather than by a single statute. The third quarter of 2026 produced three: a foreign-exchange mechanism letting foreign-currency profits be reinvested onshore without an offshore round trip; a notice on multinational companies’ cross-border RMB and foreign-currency cash pooling; and a continuing reform of the rules on foreign investors’ mergers and acquisitions of domestic enterprises. This article sets out what each says, and treats the M&A revision as pending rather than in force.
Key developments in 2026
Profit reinvestment without an offshore round trip. SAFE has clarified that, under a foreign direct investment, foreign-currency profits lawfully obtained by an overseas investor may be reinvested inside China. The funds need not leave the country and come back; they may be credited directly either to the capital account of the invested enterprise or to the capital-project settlement account of the equity transferor. The mechanism therefore covers both using the profit to fund an entity and using it to pay a domestic seller for equity.
The first such transaction in Shanghai followed in early October 2026. Under the guidance of the SAFE Shanghai Branch, the Agricultural Bank of China Shanghai Branch handled it for Haomeng Che Liao (Shanghai) Co., Ltd., a national high-tech enterprise established in Shanghai by an overseas investor that makes motorcycle and bicycle parts. The investor intended to use onshore profits to set up a new enterprise, and the bank guided the company to transfer foreign-currency profits directly instead of using the traditional remit-out-and-remit-back-in route. The company reports that the older route was long and costly, that capital turnover has improved noticeably, and that related supporting tax policies can also be enjoyed.
A national cash-pooling notice, now in the Gazette. The notice of the People’s Bank of China and SAFE on multinational companies’ cross-border RMB and foreign-currency centralised fund operations (Yin Fa [2026] No. 163) has been published in the State Council Gazette. A “multinational company” is a group of parent companies, subsidiaries and equity-participation companies at home and abroad linked by capital. Financial institutions, local government financing vehicles and real estate enterprises may not take part in cash-pool business, except where a finance company acts as the lead enterprise. The lead enterprise must be a domestic member enterprise with independent legal personality.
The notice sets eight admission conditions: a genuine business need; a sound fund-management structure and internal controls; an internal electronic management system; a group-scale test; no major violation of cross-border receipt-and-payment rules in the past two years (or since establishment, for groups under two years old); an A-class goods-trade classification for members in the trade foreign-exchange list; at least three member enterprises in total; and compliance with China’s outbound-investment rules for overseas members set up by a domestic enterprise. The group-scale test requires domestic members’ combined prior-year cross-border receipts and payments of at least RMB 700 million equivalent, or domestic members’ prior-year revenue of at least RMB 1 billion together with overseas members’ prior-year revenue of at least RMB 200 million equivalent. Where the lead enterprise is registered inside a pilot free trade zone, the test is halved: RMB 350 million, or RMB 500 million plus RMB 100 million equivalent.
The regime continues to widen. On 14 October 2026 the SAFE Xinjiang Branch released a draft regulation for a cash-pooling pilot in Xinjiang and opened it for public comment, with feedback due by 15 November 2026 — a sign that the framework is being extended across regions rather than settled in a fixed set of cities.
M&A rules revision: still in progress. The Action Plan for Stabilising and Optimizing Foreign Investment (Shangzi Fa [2026] No. 97, dated 16 June 2026 and approved by the State Council) states in Article (4) that China will “expedite the revision and promulgation of the rules on foreign investors’ mergers and acquisitions of domestic enterprises”, optimise the M&A administration process and the consideration-payment requirements, and strengthen coordination among regulators. The same article permits qualified foreign equity investment institutions to participate, as strategic investors, in securities issuance by listed companies in unrelated industries. The Action Plan does not publish a revised text: the revision is described as something to be expedited, it has not been issued, and the rules in force remain the operative baseline for any transaction.
Practical implications for foreign businesses
For a foreign group already holding profits in China, the profit-reinvestment mechanism removes one leg of a journey that used to be unavoidable. The destination account must be identified correctly — the capital account of the invested enterprise or the capital-project settlement account of the transferor — and the tax position confirmed against the applicable rules, including the tax-credit treatment for an overseas investor that reinvests profits directly into an enterprise covered by the national catalogue of encouraged foreign investment industries. The reinvestment mechanism and the tax-credit policy are separate instruments; satisfying one does not by itself satisfy the other.
For a group considering a cash pool, the notice is best read as a checklist. The exclusions are categorical, so a group with a financial institution, a local government financing vehicle or a real estate enterprise in its intended membership should test the structure early. The group-scale test is the condition most likely to decide whether a pool is available at all, and the halved threshold for a lead enterprise registered in a pilot free trade zone can bring a smaller group inside the regime.
For a foreign investor contemplating an acquisition, the practical position is unchanged. The Action Plan signals direction — a revised M&A regime, a streamlined administration process and more flexible consideration-payment arrangements — but it does not change the rules that apply to a deal signed today. Deals should continue to be structured, filed and cleared under the rules in force, and the reform is best treated as a factor in timing and documentation rather than a completed change in the law.
Related reading
- Foreign-exchange administration of cross-border investment and financing, including capital accounts and capital-project settlement accounts.
- Multinational company cash pooling and the conditions for establishing a pool.
Sources
- 中国金融新闻网·上海首笔境外投资者外汇利润再投资业务落地：https://www.financialnews.com.cn/2026-10/08/content_458246.html
- 中国政府网《国务院公报》·银发〔2026〕163 号全文：https://www.gov.cn/gongbao/2026/issue_13026/202610/content_7082771.html
- 国家外汇管理局新疆分局·资金池试点管理规定公开征求意见（截止 2026-11-15）：https://www.safe.gov.cn/xinjiang/2026/1014/1710.html
- 《利用外资固稳促优行动方案》（商资发〔2026〕97 号）全文：https://www.gzns.gov.cn/tzns/tzzc/gjzc/content/post_11035724.html
- 国家外汇管理局官网：https://www.safe.gov.cn/
2026 年 10 月跨境投资制度环境更新：利润再投资、资金池与外资并购改革
概述
境外资金进入中国，更多是由一套逐步调整的规则体系所规范，而非某一部单一法律。2026 年第三季度出现了三方面进展：允许外汇利润在境内再投资、无需绕道境外的一次外汇机制；关于跨国公司本外币跨境资金集中运营的一份通知；以及关于外国投资者并购境内企业规定的持续推进中的修订。三者分别对应资金如何进入、如何在集团内部归集，以及外资如何取得一家既有的境内企业。本文按各进展公开发布的表述说明其内容，并刻意不把并购规定的修订当作已经生效——因为它尚未生效。
2026 年的关键进展
外汇利润再投资，无需绕道境外。 国家外汇管理局明确，外商直接投资项下境外投资者合法取得的外汇利润可在境内开展再投资。资金无需先出境再入境，可直接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。因此，该机制既覆盖利润用于为某主体出资的情形，也覆盖利润用于向境内出让方支付股权对价的情形。对并购与增资场景而言，这一安排直接减少了资金在境内外之间的往返环节。
上海的首笔此类业务随后于 2026 年 10 月上旬落地。在国家外汇管理局上海市分局指导下，中国农业银行上海市分行为主营摩托车、自行车零配件的国家级高新技术企业浩盟车料（上海）有限公司办理了该笔业务。该企业的境外投资者计划以境内所持利润再投资新设企业，银行依据跨境投融资外汇管理新规，指导企业以”外汇利润直接划转”模式替代传统的”先汇出再汇入”流程。按企业的说法，以往链路长、成本高；新政落地后，外汇利润可直接在境内划转用于再投资，资金周转效率明显提升，同时还可享受相关配套税收等政策红利。
全国性资金池通知，已刊入《国务院公报》。 《中国人民银行 国家外汇管理局关于跨国公司本外币跨境资金集中运营业务有关事宜的通知》（银发〔2026〕163 号）已在《国务院公报》刊出。通知把”跨国公司”界定为以资本联结为纽带的境内外母子公司、参股公司组成的企业联合体，并规定金融机构、地方政府融资平台公司和房地产企业不得参与资金池业务，财务公司作为主办企业的除外。主办企业须为具有独立法人资格的境内成员企业。
通知设定了 8 项准入条件：具备真实业务需求；完善的跨境资金管理架构与内控制度；建立内部管理电子系统；集团规模门槛；近两年无重大跨境收付业务违法违规行为（成立不满两年的自成立之日起无）；主办企业及其他成员企业在贸易外汇收支名录内的，货物贸易分类结果应为 A 类；境内外成员企业合计不得少于三家；境外成员企业为境内企业投资设立的，应符合国家有关境外投资的管理规定。集团规模门槛为：境内全部成员企业上年度本外币国际收支规模合计不低于等值 7 亿元人民币，或境内成员上年度营业收入合计不低于 10 亿元人民币且境外成员上年度营业收入合计不低于等值 2 亿元人民币。主办企业注册在自由贸易试验区内的，该门槛减半：即 3.5 亿元人民币，或 5 亿元人民币加等值 1 亿元人民币。
制度仍在扩面。 2026 年 10 月 14 日，国家外汇管理局新疆维吾尔自治区分局就新疆跨国公司本外币一体化资金池业务试点管理规定向社会公开征求意见，意见反馈截止时间为 2026 年 11 月 15 日。该征求意见稿表明，资金池框架正在向各地扩展，而非固定在若干城市。
并购规定修订：仍在推进中。 《利用外资固稳促优行动方案》（商资发〔2026〕97 号，2026 年 6 月 16 日，经国务院同意）第（四）条明确，将”加快修订出台关于外国投资者并购境内企业的规定”，优化并购管理流程和对价支付要求，强化部门监管协同。同条还允许符合条件的外资股权投资机构以战略投资者身份参与非相关行业上市公司证券发行。但《行动方案》并未发布修订稿：修订被表述为一项有待加快的事项，尚未出台，因此现行有效的规定仍是任何交易的操作基准。
对外资企业的实务意义
对于已在中国境内持有利润的外资集团而言，利润再投资机制免去了过去不可避免的一段”出境再入境”行程，可直接在境内划入相应账户，从而缩短时间、降低交易成本。有两点宜纳入方案设计：其一，收款账户须准确识别——被投资企业的资本金账户，或出让方的资本项目结算账户；其二，税务处理应结合适用规则予以确认，其中包括境外投资者以利润直接投资、且被投资企业所从事产业属于《鼓励外商投资产业目录》全国目录并符合相关条件时，可享受的税收抵免优惠。再投资机制与税收抵免政策是两项彼此独立的工具，满足其一并不当然满足另一项。
对于正在考虑资金池的集团而言，该通知最宜当作一份清单来读。对金融机构、地方政府融资平台公司和房地产企业的排除是刚性的，因此若拟纳入的成员中含此类主体，宜尽早测试架构。集团规模门槛是最可能决定资金池能否设立的一项条件，而主办企业注册在自由贸易试验区内的门槛减半，可使规模较小的集团也进入该制度。其余条件虽属行政性要求，却并非可选项，且主办企业承担报送义务。
对于正在筹划收购的外资投资者而言，实务立场并未改变。《行动方案》释放的是方向——修订后的并购制度、更简化的管理流程与更灵活的对价支付安排——但它本身并不改变今天签约所适用的规则。交易仍应依现行有效规则进行架构、申报与审查；在修订稿公布之前，宜把这项改革视为时点与文件准备中的一个因素，而非一项已完成的法律变更。就交易节奏而言，利润再投资与资金池两项已落地的机制，可为集团内部的资金调度提供更短的路径；而并购制度本身的变化，则仍需等待正式文本。
延伸阅读
- 跨境投融资外汇管理，包括资本金账户与资本项目结算账户的处理。
- 跨国公司资金池与设立资金池的条件。
- 外资准入与《鼓励外商投资产业目录》。
来源
- 中国金融新闻网·上海首笔境外投资者外汇利润再投资业务落地：https://www.financialnews.com.cn/2026-10/08/content_458246.html
- 中国政府网《国务院公报》·银发〔2026〕163 号全文：https://www.gov.cn/gongbao/2026/issue_13026/202610/content_7082771.html
- 国家外汇管理局新疆分局·资金池试点管理规定公开征求意见（截止 2026-11-15）：https://www.safe.gov.cn/xinjiang/2026/1014/1710.html
- 《利用外资固稳促优行动方案》（商资发〔2026〕97 号）全文：https://www.gzns.gov.cn/tzns/tzzc/gjzc/content/post_11035724.html
- 国家外汇管理局官网：https://www.safe.gov.cn/