ISSUING AUTHORITY:

Shanghai Branch of State Administration of Foreign Exchange

DATE OF ISSUANCE:

January 23, 2024

EFFECTIVE DATE:

January 23, 2024

In order to implement Hui Fa [2023] No. 30 Document, the Notification of Shanghai Branch of State Administration of Foreign Exchange on Launching Pilot Projects for High-Level Opening Up of Cross-Border Trade and Investment (the “Notification”) was published online on January 23, 2024.

The Notification contains 5 implementing rules involving 1 current account and 4 capital accounts. Specifically, the 4 implementing rules involving capital accounts set forth the specific plan for implementing the pilot policies and measures, including that the financial leasing parent company and its subsidiary may share external debt quotas; no registration of domestic reinvestment by foreign-invested enterprises will be required; a non-financial enterprise, in compliance with certain requirements, that intends to borrow external debt may directly go through relevant registration formalities at a bank; a non-financial enterprise, in compliance with certain requirements, that intends to go public overseas may directly complete relevant registration procedures at a bank. More detailed requirements are set out in the Shanghai Implementing Rules for High-Level Opening Up of Cross-Border Trade, the Shanghai Implementing Rules for Financial Leasing Parent and Subsidiary Companies Sharing External Debt Quota Business, the Implementing Rules for Pilot Business of Non-Registration of Domestic Reinvestment, the Shanghai Implementing Rules for Handling Registration of Conclusion (Change) of Non-Financial Enterprise External Debt Agreement at Banks, the Shanghai Implementing Rules for Handling Registration, Change and Deregistration of Domestic Companies Going Public Overseas at Banks.

Reference:

《国家外汇管理局上海市分局关于开展跨境贸易投资高水平开放试点的通知》