ISSUING AUTHORITY:

State Administration of Foreign Exchange

DATE OF ISSUANCE:

September 12, 2025

EFFECTIVE DATE:

September 15, 2025

On September 12, 2025, the State Administration of Foreign Exchange (SAFE) issued the Notice on Matters Concerning Deepening the Reform of Foreign Exchange Management for Cross-Border Investment and Financing (the “Notice”), which was officially released on September 15, 2025, and took effect on the release date.

The Notice, aiming to expand high-level opening-up and serve high-quality economic development, covers three key areas. First, it deepens cross-border investment reform by canceling certain registrations and allowing foreign exchange profits for domestic reinvestment. Second, it eases cross-border financing, raising the foreign debt quota for eligible enterprises and simplifying registration. Third, it optimizes capital account policies, streamlining negative lists and facilitating foreign individuals' foreign exchange settlement for domestic property purchases. The Notice also repeals the 2022 Notice on Cross-Border Financing for High-Tech Enterprises, with non-compliance subject to penalties under relevant regulations.

Reference:

 《国家外汇管理局关于深化跨境投融资外汇管理改革有关事宜的通知》