"The registered capital of our company is only about 1 million yuan and there are few financial personnel. According to the latest 'pilot policy', the company will directly transfer the capital of about S $150000 into the RMB basic account of the enterprise after foreign exchange settlement for daily operation and turnover, without opening a capital item - foreign exchange settlement to be paid account, which improves the convenience of business handling and reduces the comprehensive financial cost of the enterprise Service costs. " The person in charge of luokenxi (Ningbo) Management Consulting Co., Ltd. told the reporter of Securities Daily. The State Administration of foreign exchange (hereinafter referred to as the "State Administration of foreign exchange") is responsible for the "pilot level of cross-border investment" in January this year. The pilot policy can be basically summarized as "9 + 4 + 2" combination - 9 capital account reform measures, 4 current account facilitation measures, and 2 relevant requirements for strengthening risk prevention and control and regulatory capacity-building. Now, the pilot policy has been implemented for more than two months. The policies that involve enterprises are good or bad, and ultimately they has the final say. In the interview with the reporter of Securities Daily, enterprises without exception gave positive feedback, and the pilot policy achieved remarkable results. Pilot area Give full play to the integrated effect of policy dividends In January this year, the safe carried out high-level pilot opening-up of cross-border trade and investment in Lingang New Area of Shanghai pilot Free Trade Zone, Nansha New Area of Guangdong pilot Free Trade Zone, Yangpu Economic Development Zone of Hainan free trade port, Beilun District of Ningbo City, Zhejiang Province and other regions. As for why these four regions were chosen to carry out the pilot, Cha Xiaoyang, deputy director of the capital account management department of the administration of foreign exchange, told the reporter of Securities Daily, "These four regions are divided into the Yangtze River Delta, Guangdong Hong Kong Macao Great Bay area and Hainan free trade port. The open development strategy is clear, the economic structure has its own characteristics, and the policy demands are relatively concentrated. At the same time, the regional scope is small, which is conducive to the better integration of the pilot policies and the development of the real economy, give full play to the integrated effect of policy dividends, and prevent and control the possible risks in the pilot." The pilot policy mainly involves three aspects: capital account reform, current account facilitation, and strengthening risk prevention and control and regulatory capacity-building. Among them, there are nine specific measures for capital account reform, including supporting small, medium-sized and micro high-tech enterprises to independently borrow foreign debt within a certain amount (pilot of foreign debt facilitation quota business), carrying out the pilot of qualified overseas limited partners (qflp) and qualified domestic limited partners (qdlp), steadily opening the cross-border asset transfer business, and carrying out the pilot of domestic and foreign currency integrated capital pool of multinational corporations, The domestic reinvestment of foreign-invested enterprises is exempted from registration, and the capital account foreign exchange registration of qualified non-financial enterprises is directly handled by banks, so as to expand the scope of use of capital account income funds. Qualified enterprises can independently choose cross-border investment and financing currencies, and moderately increase the upper limit of overseas lending scale of non-financial enterprises. "In terms of capital account reform, it is mainly to serve enterprises, broaden cross-border investment and financing channels and improve the facilitation level of cross-border investment and financing." Cha Xiaoyang revealed that by the end of February 2022, 30 pilot businesses had been handled, involving an amount of US $580 million. In addition, pilot businesses such as multinational companies' domestic and foreign currency integration cross-border capital pool business are in the process of communication and promotion with relevant enterprises. In terms of current account facilitation, there are four specific measures, including facilitating the receipt and payment of current account funds of high-quality enterprises, supporting banks to optimize new international trade settlement, orderly expanding the scope of enterprises for net settlement of trade balance, and exemption from registration of special foreign exchange return of goods trade. Liu Bin, director of the current account management department of the safe, told the reporter of Securities Daily that at present, the pilot business has been officially implemented in four places. By the end of February 2022, 19 pilot banks have been filed and 275 high-quality enterprises have been identified by banks; 4108 pilot businesses have been handled, with an amount of US $1.45 billion. Pilot policy It has been implemented and achieved various results At present, the pilot of high-level opening-up of cross-border trade and investment has been implemented for two months, and lokenxi (Ningbo) Management Consulting Co., Ltd. is an epitome of many beneficiary enterprises. Many beneficiary enterprises generally said that the pilot policy cancelled the pilot business of foreign exchange settlement to be paid account, and realized the direct account of foreign exchange settlement funds. On the one hand, it simplifies business procedures, reduces the cost of enterprise account management, facilitates fund management and improves the efficiency of fund use; On the other hand, it is very convenient to handle foreign exchange settlement and RMB transfer directly through online banking, which greatly improves the timeliness of enterprise payment, saves the bottom cost of enterprises, and enjoys the benefits of foreign exchange settlement at the appropriate time of exchange rate while being green and low-carbon. Some enterprises also believe that the business handling efficiency has been improved. For example, the person in charge of Guangdong mutai (Panyu) textile printing and dyeing Co., Ltd. told the reporter of Securities Daily that the office location of the enterprise is nearly 70 kilometers away from the local foreign exchange bureau, and the one-way journey takes about 1.5 hours. After the pilot, the enterprise can handle the special foreign exchange return business of goods trade with an ultra long term without going back and forth to the foreign exchange bureau, and can directly handle it in the bank nearby. On the first day of the pilot, The enterprise successfully handled a special foreign exchange return business for ultra long-term goods trade in Guangdong Branch of Bank of China, with an amount of 578000 US dollars. The reporter learned from the safe that the pilot effectively promoted the reduction of foreign exchange revenue and expenditure business processes and costs, and the current account capital settlement efficiency of high-quality enterprises was improved by more than 50%. The person in charge of Hainan Yisheng Petrochemical Co., Ltd. told the reporter of Securities Daily that after the implementation of the pilot policy, the current account foreign exchange revenue and expenditure can be handled only by the collection and payment instructions, eliminating the document printing and copying procedures, saving the company financial cost of 1 yuan / transaction to 2 yuan / transaction and time cost of more than 30 minutes / transaction. At the same time, it is conducive to optimizing the internal staffing of the enterprise. The pilot policy has also played a positive role in serving scientific and technological innovation. Some enterprises said that the pilot policy of foreign debt facilitation quota business has broadened the financing channels of high-tech enterprises in the early stage of growth, and provided an effective solution to the problem of difficult and expensive financing of scientific and technological small and micro enterprises. "Our company has a number of invention patents, utility model patents, technology and software copyrights. The main operating income comes from the sales of new materials and technical services." The person in charge of Shanghai Kaijin New Material Technology Co., Ltd., located in the Lingang New Area of the free trade zone, said that if the current macro Prudential foreign debt management model is followed, the company has no foreign debt limit to apply for. However, according to the pilot policy, the company recently completed the registration of foreign debt with a signed amount of US $5 million. The pilot policy of "moderately raising the upper limit of overseas lending scale of non-financial enterprises" helps enterprises "go global" to carry out cross-border business development. At the same time, the pilot policy gives banks more autonomy, guides banks to optimize audit, and supports the innovative development of new trade formats. Other enterprises told the reporter of Securities Daily that they independently selected the pilot business of cross-border investment and financing currency, realized the flexibility of currency selection in borrowing, interest payment, principal repayment and other links of cross-border investment and financing, met the needs of exchange rate hedging and saved the cost of exchange. For example, Ningbo minshi auto parts technology research and Development Co., Ltd., with the original overseas loan balance of US $20 million, independently chose to recover part of the overseas loan in RMB at the end of January 2022, reducing the impact of exchange rate fluctuations on corporate finance. Strengthen safety awareness and bottom line thinking Build a strong risk prevention and control system In fact, in addition to the perceptible policy effects of the above enterprises, the pilot policy is to explore a "more open and safer" path of foreign exchange management reform and accumulate experience for building a foreign exchange management system and mechanism suitable for the modernization of the governance capacity of the governance system under open conditions. In this process, risk prevention and control is the top priority - building a solid risk prevention and control system is the premise, and strengthening safety awareness and bottom line thinking is the goal. Cha Xiaoyang said that one of the objectives of the pilot policy is to strengthen the macro Prudential Management of cross-border capital flows, improve risk monitoring and evaluation and in-process and post supervision, and explore a risk prevention and control mechanism suitable for the high-level openness of investment and financing. "2" in the "9 + 4 + 2" combination refers to the relevant requirements for strengthening risk prevention and control and regulatory capacity-building. The safe has made it clear that it will improve the two in one management framework of "macro prudence + micro supervision" in the foreign exchange market, strengthen the risk monitoring, early warning and counter cyclical regulation of cross-border capital flows, severely crack down on illegal activities in the foreign exchange field, and maintain the stability and healthy order of the foreign exchange market. Establish a pilot error correction mechanism and risk response plan, strengthen in-process and post event supervision, improve off-site supervision ability, pay attention to large amount abnormal cross-border transactions, and ensure the smooth and orderly progress of the pilot. The reporter learned from the safe that in terms of strengthening supervision during and after the event, the foreign exchange branches in the pilot area need to formulate corresponding regulatory rules on the above reform measures, strengthen off-site monitoring, on-site verification and inspection of the pilot business, and guide relevant banks and enterprises to carry out pilot business in compliance. Guide banks to conduct authenticity and compliance audits of relevant pilot businesses in accordance with the principles of understanding customers, understanding business and due diligence, and earnestly fulfill their obligations of anti money laundering, anti terrorist financing and anti tax evasion. In terms of establishing pilot error correction mechanism and risk response plan, the foreign exchange branches in the pilot area should closely track the development of various pilot businesses, establish a risk assessment mechanism for pilot businesses, conduct risk assessment regularly or irregularly, and focus on the risks of cross-border high-frequency capital flow, currency mismatch and so on. According to the assessment results and specific circumstances, interview banks and enterprises with high risks, issue risk reminder letters, and investigate and deal with violations according to law. At the same time, establish risk response plans and response mechanisms for pilot businesses, find problems in time and take measures to severely crack down on violations of laws and regulations by using pilot policies. The person in charge of the relevant departments of the safe told the reporter of Securities Daily that in the next step, the safe will guide the pilot areas to implement various policies and measures, timely evaluate the implementation effect of the pilot policies, further deepen the reform and opening up in the foreign exchange field and improve the liberalization and facilitation of cross-border trade and investment on the premise of strengthening the risk prevention and control system and maintaining the national economic and financial security, Continue to optimize the business environment and serve the high-quality development of the real economy. (Xinhua News Agency)