According to the website of the State Administration of Foreign Exchange, in order to further promote the facilitation of cross-border trade and investment, the State Administration of Foreign Exchange has drafted the "Notice of the State Administration of Foreign Exchange on Further Deepening Reform and Promoting Cross-border Trade and Investment Facilitation (Draft for Comment)" , is now open to the public for comment. The deadline for comments and feedback is August 2, 2023.
The policies in the draft for comments include 10 items in three aspects, one is to improve the open policy for cross-border trade, the other is to expand capital account facilitation measures, and the third is to optimize capital account foreign exchange management measures. Among them, it is proposed to relax the limit on the scale of upfront expenses for overseas direct investment (ODI). Cancellation of the restriction that the accumulative outward remittance of upfront expenses for overseas direct investment by domestic enterprises shall not exceed the equivalent of US$3 million, but the accumulative outward remittance shall not exceed 15% of the total planned investment by the Chinese party.
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