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It is understood that the overseas investment regulations will clean up and integrate the existing departmental regulations, clearly define the definition of overseas investment, approval procedures, personnel entry and exit, capital financing, profit distribution and profit reinvestment, taxation policies, etc. The investment behavior is divided into encouragement and prohibition.
"For example, it is necessary to encourage the development of good social and economic benefits, in line with the national 'Belt and Road' and international capacity cooperation, and to encourage blind and irrational investment and to strengthen supervision, against host country violations. And domestic laws, bad behaviors, etc. must be prohibited and punished." Industry insiders told the "Economic Information Daily" reporter.
The above-mentioned people pointed out that in recent years, China's foreign investment has developed rapidly, and the incremental scale has exceeded the absorbed foreign capital. In 2016, China's non-financial direct investment increased by 54% year-on-year, and the investment scale has reached US$170 billion. As an integral part of the national strategy, foreign investment cooperation involves not only investment, but also the strategic layout of major economic and diplomatic issues, the transformation and upgrading of national industries, the implementation of open agreements between countries, and the cultivation of a large number of multinational corporations.
However, at present, the policies applicable in the field of overseas investment in China are mainly the departmental regulations issued by the ministerial order, including the “Overseas Investment Management Measures†promulgated by the Ministry of Commerce, and the “Regulations on Foreign Exchange Administration of Overseas Direct Investment by Domestic Institutions†issued by the State Administration of Foreign Exchange. The effectiveness level is not high, and the protection and promotion are not enough. There is still a certain gap between the development trend and urgent requirements of overseas investment of Chinese enterprises.
"At present, China urgently needs to combine the reform of the investment system, adapt to the new situation of overseas investment, further improve the management system, and introduce a higher-level law and regulation as soon as possible to create a favorable legal environment and conditions for overseas investment by Chinese enterprises."
Liang Guoyong, an economic affairs official at UNCTAD, told the Economic Information Daily that China’s foreign direct investment flows jumped to the $100 billion mark in 2013, and the stock exceeded the $1 trillion mark in 2015. China has become a net capital exporter in the field of direct investment, with the annual investment scale ranking second in the world. Obviously, the impact of overseas investment on China's economic growth, industrial upgrading and balance of payments has not been the same. With the implementation of the “Belt and Roadâ€, its international influence will also be greatly enhanced. In this context, the introduction of national regulations in the field of overseas investment is very timely and necessary.
In addition, Liang Guoyong pointed out that at present, China's foreign direct investment faces some new situations and new problems. The introduction of national regulations in the field of overseas investment will help seize opportunities, meet challenges and promote long-term healthy development of overseas investment. For example, in the past two years, some foreign investment acquisition projects were mainly based on financial factors such as exchange rates and interest rates, and financial considerations. They lacked the background of the real economy and competitiveness and had an “irrational†component.
At present, China's introduction of foreign investment legislation system is undergoing major changes. On the basis of successful exploration and trials in the Pilot Free Trade Zone, four laws including the Foreign Investment Enterprise Law have been reviewed and revised last year, and legislation on foreign investment also needs to be accelerated. Establishing national-level laws, regulating and encouraging Chinese companies to invest abroad has become a common expectation of the industry for many years.
Dai Guanchun, a partner of Jingtian Gongcheng Law Firm, told the “Economic Information Daily†that China’s overseas investment involves the supervision of the three departments of the National Development and Reform Commission, the Ministry of Commerce and the State Administration of Foreign Exchange, and the introduction of top-level design regulations at the national level is conducive to coordination. Integrating functions between departments makes the process more efficient, especially in the context of the current “authenticity†review of overseas investments. At the same time, national-level regulations will also give the regulatory authorities greater enforcement and penalties, making the punishment clearer. In addition, overseas investment regulations are likely to strengthen the overall control of corporate overseas investment. "The original emphasis is on the approval of the exit, and the future may strengthen the control of capital operation, transfer, and reinvestment after the investment."
“Investor protection has always been a core issue in international investment rules.†Liang Guoyong pointed out that with the surge in China's foreign investment stocks, the introduction of national regulations in overseas investment fields will help protect China's growing overseas business interests. By the end of 2015, 20,000 Chinese investors had established 30,000 overseas enterprises, and the total overseas assets at the end of the year amounted to 4.4 trillion US dollars. How to deal with the political resistance and political risks in the process of investment operation and effectively protect overseas commercial interests requires both the improvement of the international investment agreement system and the follow-up and cooperation of domestic legislation. The bilateral investment protection agreement has established a basic institutional framework that stipulates the treatment of investors, compensation for expropriation, etc. The resolution of disputes between investors and host countries often invokes international arbitration mechanisms. However, the effective interface between domestic regulations and international agreements is very important for investor protection. The introduction of overseas investment regulations will be an important step in China's overseas investment law construction.
Abstract Recently, the reporter learned from the industry that the overseas investment regulations led by the Ministry of Commerce and the National Development and Reform Commission have come to the fore, and are expected to be officially introduced during the year. As the first law in China's overseas investment field, the overseas investment regulations will face the top of China's overseas investment from the national strategic level...
The reporter recently learned from the industry that the overseas investment regulations led by the Ministry of Commerce and the National Development and Reform Commission have come to the fore, and are expected to be officially introduced during the year. As the first law in China's overseas investment field, the overseas investment regulations will make a top-level design from the national strategic level to face China's overseas investment, clarify the connotation and extension of overseas investment, and the direction of encouragement and prohibition.