【双语】跨境人民币对外直投多点开花

发布:2017-12-21 15:33 来历: 《金融&交易》2017年第4期 作者:余佳徽

跨境人民币对外直投多点开花

Renminbi Gains Ground in Cross-border Investment

文>余佳徽

By Yu Jiahui

 

跟着企业跨境交易和出资的需求日趋旺盛,加之2008年金融危机暴虐,我国企业对运用人民币进行结算的呼声很高。跨境人民币事务经过八年的探究前行,有力地支撑了我国企业的跨境展开。

Chinese companies have shown increasing willingness to make cross-border renminbi transactions in recent years, with demand buoyed by expanding trade and investment. In the eight years since the launch of cross-border renminbi business, Chinese enterprises have been demonstrating a much greater appetite for the use of renminbi offshore.


面临企业对外出资“走出去”的新趋势,协作国家“一带一路”建议,怎么借力我国企业的对外出资将人民币带至世界舞台;又怎么运用跨境人民币的金融服务,更好地助力我国企业的对外出资,成为摆在银行面前的新课题。

More Chinese companies are moving out into the international market, making offshore investments. The "Belt and Road" initiative, which seeks to boost infrastructure construction in dozens of developing countries, has become a center of attention in the effort to give the renminbi a bigger role on the world stage. Making greater use of cross-border renminbi financial services to help the overseas investment of Chinese enterprises has also been seen as a new business opportunity for local banks.


2011—2015年:起步展开

The Start-up Years 2011-2015

为便当境内企业展开境外直接出资人民币结算事务,2011年,我国人民银行出台《境外直接出资人民币结算试点办理办法》(我国人民银行布告〔2011〕第1号),至此以人民币方法进行对外直接出资成为或许。

In order to help domestic enterprises make use of renminbi settlements in their overseas direct investments, the People’s Bank of China in 2011 promulgated the Measures for the Pilot Program of Renminbi Settlement of Cross-border Transactions (PBOC Document No. 1, 2011). This made foreign investment possible using renminbi.


2013年11月十八届三中全会举行,会议清晰“加速改变政府职能,深化出资体制变革,树立企业出资主体位置”。为促进对外出资便当化,简化我国企业境外出资批阅流程,国家发改委、商务部、Betway体育办理局、证监会等组织纷繁调整对外出资的行政答应要求,松绑企业对外直接出资行为,支撑我国企业跨出国门,经过对外出资,探究世界化展开路途。

In November 2013, the third plenary session of the 18th Central Committee of the Communist Party of China was held, and the meeting called for “speeding up the transformation of government functions, deepening the reform of the investment system and establishing the dominant position of corporate investment.” In order to facilitate overseas investment by Chinese companies and simplify the approval process, the National Development and Reform Commission, the Ministry of Commerce, the State Administration of Foreign Exchange (SAFE) and the China Securities Regulatory Commission simplified their licensing requirements for overseas projects in a bid to encourage Chinese companies to take on a bigger role in the global market.


2015年3月,国家发改委、外交部、商务部联合发布了《推动共建丝绸之路经济带和21世纪海上丝绸之路的愿景与举动》,当年我国企业对“一带一路”沿线国家直接出资额同比增加18.2%。

In March 2015, the National Development and Reform Commission, the Ministry of Foreign Affairs and the Ministry of Commerce jointly released their Vision and Actions on Jointly Building Silk Road Economic Belt and 21st-Century Maritime Silk Road. In that same year, direct investments by Chinese enterprises in countries participating in the "Belt and Road" initiative increased 18.2% over the previous year.


跟着跨境人民币对外直接出资方针的出台,以及政府简政放权和“一带一路”建议的引导,我国企业对外出资热心被激起。近年来,跨境人民币对外直接出资金额呈现继续较快增加,越来越多企业挑选以人民币方法进行对外直接出资。

In addition to the cross-border renminbi overseas direct investment policy, the "Belt and Road" initiative, the government's effort to decentralize authority and remove red tape, all contributed to this new demand for renminbi. In recent years, the value of renminbi overseas direct investment has shown rapid and sustained growth. More and more enterprises are choosing to make direct overseas investments in renminbi.


2016年:热潮降临

2016 : Renminbi Investment Boom

2015年下半年开端,跟着美元走强,人民币汇率呈现价值降低预期,越来越多的我国企业参加对外出资的阵营,掀起一阵热潮。商务部数据显现,2016年,我国境内出资者共对全球164个国家和地区的7961家境外企业进行了对外直接出资,累计完成对外出资额11299.2亿元人民币,同比增加53.7%。大多数企业的确是出于企业展开的归纳战略考虑,做出对外出资的决议计划;但不可否认,其间混杂着少量企业,他们运用对外出资检查便当,借道对外出资方法,完成资金跨境搬运的意图。假如此举大范围延伸,将使人民币汇率承压,然后进一步引发本钱恐慌性流出。

Since the second half of 2015, the renminbi has weakened against a strengthening US dollar. That has encouraged many more Chinese companies to seek opportunities overseas. According to the statistics of the Ministry of Commerce, Chinese investors made a total of 9,160 overseas direct investments in 164 countries and regions in 2016. The total value was 1.12992 trillion yuan, up 53.7% over the previous year. Most enterprises made foreign investment decisions as part of their overall development strategy, although a small number of companies took advantage of the convenient foreign investment examinations to transfer funds offshore under the name of foreign investment. That has had the potential to undermine the renminbi exchange rate and trigger large capital outflows.


2016年11月底,人民币对美元汇率攀升至挨近7的高位,为安稳本钱流出,防备对外出资危险,保证对外出资继续、健康展开,国家发改委、商务部、人民银行和Betway体育办理局四组织联合加强了对外出资的办理。一起,要求银行加强对企业本钱项意图真实性审阅和资金流出办理,加大对新设企业对外出资活动的检查,对那些境内企业经营状况难以支撑境外出资规划,境外出资与境内公司主营事务存在较大差异,对外出资资金来历反常等反常出资行为进行核实。此举有用冲击了人民币做空实力,遏止了本钱恐慌性流出,成功保卫了人民币汇率;尽管短期内,我国企业对外出资额快速回落,但从长时间看,便当对外出资和防备对外出资危险相结合的办理模式,将更有助于我国企业“走出去”。

As of the end of November 2016, the renminbi weakened to nearly seven to one US dollar. In order to stabilize capital outflows, prevent foreign investment risks and ensure sustained and healthy development of foreign investment, the National Development and Reform Commission, the Ministry of Commerce, the People’s Bank of China and SAFE jointly strengthened foreign investment management. At the same time, banks were required to strengthen their efforts to verify offshore investment projects and stem capital outflows. The focus was on those seen as making unusually large investments compared with their domestic business volume. These measures effectively eased the selling pressure on the renminbi and defended the currency's exchange rate. Although the volume of overseas investment by Chinese companies dropped sharply in the short term after the announcement of these measures, the combination of facilitating foreign investment and preventing risks will be conducive to the global plans of many Chinese enterprises.


2017年:回归理性

Return to Rational Pattern in 2017

热潮往后,政府层面出台了《国务院办公厅转发国家展开变革委商务部人民银行外交部关于进一步引导和标准境外出资方向辅导定见的告诉》(国办发〔2017〕74号),对境外出资方向提出了辅导定见,清晰将对外出资项目分为鼓舞展开、约束展开和制止展开三种类型,引导和标准企业的对外出资行为,在有用防备危险的基础上,推动对外出资继续、有序、健康展开。在企业层面,因为对对外出资的各类危险有了全方位的了解,出资决议计划也将更趋理性。

The government later unveiled its Circular of the General Office of the State Council on Transmitting and Issuing the Guiding Opinions of the National Development and Reform Commission, the Ministry of Commerce, the People’s Bank of China and the Ministry of Foreign Affairs on Further Guiding and Regulating the Direction of Overseas Investment (Document No. 74 of 2017 from the General Office of the State Council). This gave fresh direction to outbound investment, creating three broad categories -- encouraged, restricted and prohibited. It was also meant to provide some standardization for overseas investment and quantify risk. At the corporate level, investment decisions would become more rational due to greater familiarity with the risks associated with foreign investment.


跨境人民币对外出资服务,怎么协助我国企业更好地“走出去”呢?

利器一:满意“走出去”企业的境外人民币运用需求,协助企业躲避汇率危险,节省财政本钱

Measure 1: China needs to meet the needs of domestic companies looking to use renminbi to boost their global presence. At the same time it must help these companies avoid exchange rate risks and save on financial costs.

H公司是一家外向型石化企业,一直环绕石化工业链进行出资展开,为完成纵向一体化和横向多元化的工业展开战略,获取国外原油资源,打通国内化工原料和资源缺乏的瓶颈,缓解国内土地、环保和能耗压力,决议经过其香港公司在“一带一路”沿线国家文莱出资建造石化项目,运用国外资源推动企业转型晋级和工业结构调整。

One company which we will call Company A, for example, is an export-oriented enterprise in the petrochemical sector. It has invested in segments of the petrochemical production chain, including in Brunei, an oil producing country that is also a participant in the "Belt and Road" initiative. The company made the decision as part of its strategy of vertical integration, diversification and obtaining access to overseas crude oil supplies. The investment would also solve the shortage of domestic chemical raw materials and ease pressure from a shortage of available land, environmental protection problems and high levels of energy consumption. In so doing, it made its investment through a subsidiary in Hong Kong.


文莱公司考虑到其项目80%的建造工程及设备供给均由我国企业供给,为削减汇率动摇对项意图影响,文莱公司与国内供给商和承建方签署工程或设备收买合一起,挑选以人民币作为结算钱银。为匹配后续人民币运用需求,削减钱银汇兑的财政本钱,H公司决议以人民币对外出资,出资款直接付出国内供给商和承建方。该出资钱银的挑选,协助H公司节省财政本钱700多万元人民币,一起有用降低了汇率危险。

The company in Brunei is reliant on Chinese companies for 80% of its construction work and construction equipment. To reduce the impact on the project from exchange rate fluctuations, the company specified that renminbi would be the settlement currency for the purchase of supplies from China. In order to ensure sufficient renminbi and avoid currency translation costs, the Chinese company decided to invest overseas in renminbi and make direct payments to Chinese domestic suppliers and contractors also in renminbi. The choice of currency helped save the company over 700 million yuan and largely removed exchange rate risks.


利器二:为“走出去”企业供给低本钱的境外融资,协助企业节省融资本钱

Measure 2: It is necessary to provide low-cost offshore financing for Chinese enterprises moving into the global market in order to help save on financing costs.

K公司是国内抢先的空气压缩机出产企业,具有世界先进水平的出产技能,技能研制才能强,跟着节能减排方针的推广,产品竞争力进一步得到提高。跟着国家“一带一路”建议的不断深入推动,K公司也积极参与世界市场竞争,2016年,其成功收买一家新加坡地热能公司100%的股权,该公司具有一家印尼地热能公司95%的股权,是印尼240MW地热发电项意图开发方。为支撑印尼公司一期地热发电项目建造,K公司需求依托境内母公司的融资才能,为境外项目建造争夺中长时间项目借款。

Let us take Company B as another example. It is a leading manufacturer of air compressors in China, and has world-class production technology and strong research and development capabilities. With the implementation of energy-saving and emission reduction policies, Company B’s competitiveness has been further enhanced. As China’s "Belt and Road" gains traction, the company has seen its products take a growing share of the international market. In 2016, the company acquired a 100% equity interest in a geothermal energy company in Singapore, which owns 95% of an Indonesian company in the same field and is participating in a 240MW geothermal power generation project in Indonesia. In order to support construction in the first phase of the Indonesian project, the company obtained financing from its parent company.


依据《我国人民银行关于境内银职业金融组织境外项目人民币借款的辅导定见》(银发〔2011〕255号)的规则,答应境内银行为境内企业在“走出去”过程中展开的各类境外出资和其他协作项目(包含但不限于境外直接出资、对外承包工程以及出口买方信贷等)发放人民币借款。考虑该项目为境外项目,金融组织依托本身的差异化优势组成跨境银团借款,为K公司供给低本钱、高效率的跨境金融服务。其间:我国进出口银行凭借方针性银行优势,运用央行低本钱的SPL人民币特定借款(Pledged Supplementary Lending,典当弥补借款),为该项目供给支撑;我国银行凭借遍及全球的网点优势,经过境内、外支行跨境联动参团,为该境外项目供给集账户办理、跨境结算、境外融资、全球现金办理等为一体的跨境金融服务,一起凭借境外组织的驻点优势,更好地进行银团的贷后办理。

According to the Guiding Opinions of the People’s Bank of China on Renminbi Loans for Overseas Projects of Domestic Banking Institutions (issued by the People’s Bank of China in  2011, Document No.255), domestic banks are permitted to provide various types of financing to support overseas investments by domestic enterprises. Renminbi loans are issued for other cooperation projects (including but not limited to overseas direct investment, overseas contracted projects and export buyer’s credits). For overseas projects, financial institutions relied on their own advantages to arrange cross-border syndicated loans to provide the company with low-cost, efficient cross-border financial services. The Export-Import Bank of China is one bank offering preferential policies, utilizing the central bank’s low-cost, renminbi-denominated pledged supplementary lending to support the project. Bank of China, with the help of its network around the world, is providing cross-border financial services for overseas projects through its cross-border branches. Its services include account management, cross-border settlement, offshore financing, global cash management and better loan management.


利器三:投合“走出去”企业财物保值融通需求,助力“一带一路”沿线工业协作园区建造

Measure 3: It is necessary to cater to the needs of asset protection and financing requirements of those enterprises going global, helping the construction of industrial cooperation parks in the "Belt and Road" participating countries.

泰国泰中罗勇工业园是商务部授牌的“第一批境外经贸协作区”,也是首家在泰国开发建造的我国境外工业园区。工业园坐落泰国东部海岸,挨近泰国首都曼谷和廉差邦深水港,总体规划面积12平方公里,首要招引汽配、机械、家电等我国制作业企业入园设厂,现已成为集制作、物流、商业生活区为一体的现代化归纳园区。中泰两国政府联系友爱,经贸协作日益严密,正招引越来越多的我国企业进入园区。现在,泰中罗勇工业园内入驻我国企业合计80余家,累计总出资近30亿美元,处理当地工作2万余人,累计完成工业总产值80亿美元;近三年,累计完成工业产值55亿美元,约占泰国工业产值的5‰,上缴税费挨近6000万美元。

Rayong Industrial Park in Thailand, for example, was the first overseas industrial park to be developed and built in Thailand with Chinese partnership. Located on the country's east coast close to the capital Bangkok and the Laem Chabang Deepwater Port, the industrial park covers a total planned area of 12 square kilometers, attracting makers of auto parts, machinery and household appliances.  At present, it has become a modern park integrating manufacturing, logistics and commerce. The friendly relations and close economic and trade ties between China and Thailand are attracting more and more Chinese enterprises to the park. There are now more than 80 Chinese companies in the Rayong zone with total investment of nearly US$3 billion. The zone employs more than 20,000 local workers with a total accumulated industrial output of US$8 billion. In the last three years, the total industrial output reached US$5.5 billion, and turning over tax payments of about US$60 million to the state.


工业园区入驻的我国企业密布,对人民币承受度和认可度较高。近年来,银行的跨境人民币服务有力地满意了境外“走出去”的我国企业财物的保值需求,一起方便了我国企业与境内母公司的资金融通。

The Chinese enterprises that set up in the industrial park have shown a great willingness to make renminbi investments. In recent years, cross-border renminbi services of banks have effectively met the needs of Chinese companies operating abroad to maintain the value of their assets. They also have facilitated the financial ties between overseas Chinese enterprises and their domestic parent companies.


泰中罗勇工业园区内的Z公司是我国最大的轮胎出产企业的境外企业,为了躲避美国对我国轮胎职业的惩罚性关税,不得不测验“走出去”;考虑我国和东盟国家间的税收减免方针,该公司决议入驻罗勇工业园。Z公司现有年销售额3亿美元,原材料从国内收买,销往美国等地,存在人民币付出和储藏的需求。跨境人民币对外出资的出资款可直接用于境内原材料收买,协助企业对冲收买段汇率危险,削减汇兑的财政本钱;一起,我国政局安稳,经济继续增加,人民币币值相对安稳,持有安稳人民币财物有利于财物保值,削减汇率危险。

Another Chinese company, which we will call Company C and operates in the Rayong Industrial Park, is Chinese largest manufacturer of tires with a manufacturing presence overseas. In order to circumvent punitive US tariffs on China’s tire industry, it has been pressured to go global. Due to the favorable tax policies in effect between China and the ASEAN countries, the company decided to invest in the Rayong Industrial Park. The company has annual sales of about US$300 million, much of that to the US, with raw materials purchased from Chinese suppliers. This requires renminbi payments and reserves. Cross-border overseas renminbi investment can be directly used for the purchase of domestic raw materials in order to help companies reduce exchange rate risks and financing costs. China’s political stability, sustained economic growth and the relatively stable value of the renminbi help preserve the value of assets and reduce exchange risks.


泰中罗勇工业园区内的D公司是境内出产空调器主机和制冷设备的“走出去”企业。考虑人力本钱原因,D公司的下流供给链中心企业迁移至泰国,D公司作为配套产品供给商,考虑供给链协同便当,也在泰国的罗勇工业园设立了工厂。D公司在工业园运用人民币本钱金,因为该公司与境内母公司存在人民币资金跨境余缺双向调剂的需求,遂请求树立跨境双向人民币资金池:当境外公司人民币富余时,可将人民币调回境内母公司运用;当境外公司需求人民币融资时,境内母公司可暂时出借人民币资金。

Company D in Rayong Industrial Park is an enterprise that is also stepping out into the international market, producing mainframe air-conditioners and refrigeration equipment in China. Due to the rising domestic labor costs, the company's core downstream enterprise has relocated to Thailand. As an accessory product supplier, Company D has set up a factory in the Rayong Industrial Park for better supply chain coordination and greater convenience. The company used renminbi as its capital for the Thai operation. The company received approval to conduct two-way cross-border renminbi capital pooling. When the overseas company has surplus renminbi, those funds can be transferred back to the Chinese parent company. When the offshore company needs renminbi financing, the domestic parent company may temporarily lend it renminbi funds.

 

作者单位:我国银行浙江省分行

The author is from the Zhejiang branch of Bank of China.