New regulations make it easier for Chinese individuals and companies to invest abroad
China’s State Administration of Foreign Exchange (SAFE) has announced reforms to its foreign exchange administration in order to make it easier for Chinese individuals and companies to invest abroad.
SAFE’s ‘Notice on Certain Issues Relating to Foreign Exchange Administration for Overseas Investment and Financing as well as Roundtrip Investment by Domestic Residents through Special Purpose Companies’ (Decree 37) reflects the growing popularity of China’s ‘going abroad’ strategy, with more Chinese enterprises and individuals using ‘special-purpose vehicles’ (SPVs) for overseas financing and investment.
It repeals and replaces SAFE’s ‘Notice on Certain Issues Relating to Foreign Exchange Administration for Financing and Roundtrip Investment by Domestic Residents through Overseas Special Purpose Companies’ (Decree 75), under which foreign exchange registration was one of the key steps for establishing a valid round-trip investment structure…
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