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跨境人民币对外直投多点开花

2017-12-22 16:47:34 和讯名家 

  文/余佳徽 翻译/魏凌波(中国外汇)

  随着企业跨境贸易和投资的需求日趋旺盛,加之2008年金融危机肆虐,中国企业对使用人民币进行结算的呼声很高。跨境人民币业务经过八年的探索前行,有力地支持了中国企业的跨境发展。

  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.

面对企业对外投资“走出去”的新趋势,配合国家“一带一路”倡议,如何借力中国企业的对外投资将人民币带至国际舞台;又如何利用跨境人民币的金融服务,更好地助力中国企业的对外投资,成为摆在银行面前的新课题。
  面对企业对外投资“走出去”的新趋势,配合国家“一带一路”倡议,如何借力中国企业的对外投资将人民币带至国际舞台;又如何利用跨境人民币的金融服务,更好地助力中国企业的对外投资,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:起步发展

  The Start-up Years 2011-2015

  为便利境内企业开展境外直接投资人民币结算业务,2011年,中国人民银行出台《境外直接投资人民币结算试点管理办法》(中国人民银行公告〔2011〕第1号),至此以人民币形式进行对外直接投资成为可能。

  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月十八届三中全会召开,会议明确“加快转变政府职能,深化投资体制改革,确立企业投资主体地位”。为促进对外投资便利化,简化中国企业境外投资审批流程,国家发改委、商务部、外汇管理局、证监会等机构纷纷调整对外投资的行政许可要求,松绑企业对外直接投资行为,支持中国企业跨出国门,通过对外投资,探索国际化发展道路。
  2013年11月十八届三中全会召开,会议明确“加快转变政府职能,深化投资体制改革,确立企业投资主体地位”。为促进对外投资便利化,简化中国企业境外投资审批流程,国家发改委、商务部、外汇管理局、证监会等机构纷纷调整对外投资的行政许可要求,松绑企业对外直接投资行为,支持中国企业跨出国门,通过对外投资,探索国际化发展道路。

  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 /span>

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行动》,当年中国企业对“一带一路”沿线国家直接投资额同比增长18.2%。
  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行动》,当年中国企业对“一带一路”沿线国家直接投资额同比增长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.

随着跨境人民币对外直接投资政策的出台,以及政府简政放权和“一带一路”倡议的引导,中国企业对外投资热情被激发。近年来,跨境人民币对外直接投资金额呈现持续较快增长,越来越多企业选择以人民币形式进行对外直接投资。
  随着跨境人民币对外直接投资政策的出台,以及政府简政放权和“一带一路”倡议的引导,中国企业对外投资热情被激发。近年来,跨境人民币对外直接投资金额呈现持续较快增长,越来越多企业选择以人民币形式进行对外直接投资。

  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:热潮来临

  2016 : Renminbi Investment Boom

  2015年下半年开始,随着美元走强,人民币汇率出现贬值预期,越来越多的中国企业加入对外投资的阵营,掀起一阵热潮。商务部数据显示,2016年,中国境内投资者共对全球164个国家和地区的7961家境外企业进行了对外直接投资,累计实现对外投资额11299.2亿元人民币,同比增长53.7%。大多数企业的确是出于企业发展的综合战略考虑,做出对外投资的决策;但不可否认,其中混杂着少数企业,他们利用对外投资审查便利,借道对外投资方式,实现资金跨境转移的目的。如果此举大范围蔓延,将使人民币汇率承压,从而进一步引发资本恐慌性流出。

  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.

双语丨跨境人民币对外直投多点开花
  2016年11月底,人民币对美元汇率攀升至接近7的高位,为稳定资本流出,防范对外投资风险,保障对外投资持续、健康发展,国家发改委、商务部、人民银行和外汇管理局四机构联合加强了对外投资的管理。同时,要求银行加强对企业资本项目的真实性审核和资金流出管理,加大对新设企业对外投资活动的审查,对那些境内企业经营状况难以支撑境外投资规模,境外投资与境内公司主营业务存在较大差异,对外投资资金来源异常等异常投资行为进行核实。此举有效打击了人民币做空势力,遏制了资本恐慌性流出,成功捍卫了人民币汇率;虽然短期内,中国企业对外投资额快速回落,但从长期看,便利对外投资和防范对外投资风险相结合的管理模式,将更有助于中国企业“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

  热潮过后,政府层面出台了《国务院办公厅转发国家发展改革委商务部人民银行外交部关于进一步引导和规范境外投资方向指导意见的通知》(国办发〔2017〕74号),对境外投资方向提出了指导意见,明确将对外投资项目分为鼓励开展、限制开展和禁止开展三种类型,引导和规范企业的对外投资行为,在有效防范风险的基础上,推动对外投资持续、有序、健康发展。在企业层面,由于对对外投资的各类风险有了全方位的了解,投资决策也将更趋理性。

  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.

双语丨跨境人民币对外直投多点开花
  跨境人民币对外投资服务,如何帮助中国企业更好地“走出去”呢?

  利器一:满足“走出去”企业的境外人民币使用需要,帮助企业规避汇率风险,节约财务成本

  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,始终围绕石化产业链进行投资发展,为实现纵向一体化和横向多元化的产业发展战略,获取国外原油资源,打通国内化工原料和资源不足的瓶颈,缓解国内土地、环保和能耗压力,决定通过其香港公司在“一带一路”沿线国家文莱投资建设石化项目,利用国外资源推动企业转型升级和产业结构调整。

  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%的建设工程及设备供应均由中国企业提供,为减少汇率波动对项目的影响,文莱公司与国内供应商和承建方签署工程或设备采购合同时,选择以人民币作为结算货币。为匹配后续人民币使用需要,减少货币汇兑的财务成本,H公司决定以人民币对外出资,投资款直接支付国内供应商和承建方。该投资货币的选择,帮助H公司节约财务成本700多万元人民币,同时有效降低了汇率风险。
  文莱公司考虑到其项目80%的建设工程及设备供应均由中国企业提供,为减少汇率波动对项目的影响,文莱公司与国内供应商和承建方签署工程或设备采购合同时,选择以人民币作为结算货币。为匹配后续人民币使用需要,减少货币汇兑的财务成本,H公司决定以人民币对外出资,投资款直接支付国内供应商和承建方。该投资货币的选择,帮助H公司节约财务成本700多万元人民币,同时有效降低了汇率风险。

  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”企业提供低成本的境外融资,帮助企业节约融资成本

  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公司是国内领先的空气压缩机生产企业,具有国际先进水平的生产技术,技术研发能力强,随着节能减排政策的推行,产品竞争力进一步得到提升。随着国家“一带一路”倡议的不断深入推进,K公司也积极参与国际市场竞争,2016年,其成功收购一家新加坡地热能公司100%的股权,该公司拥有一家印尼地热能公司95%的股权,是印尼240MW地热发电项目的开发方。为支持印尼公司一期地热发电项目建设,K公司需要依托境内母公司的融资能力,为境外项目建设争取中长期项目贷款。

  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.

双语丨跨境人民币对外直投多点开花
  根据《中国人民银行关于境内银行业金融机构境外项目人民币贷款的指导意见》(银发〔2011〕255号)的规定,允许境内银行为境内企业在“走出去”过程中开展的各类境外投资和其他合作项目(包括但不限于境外直接投资、对外承包工程以及出口买方信贷等)发放人民币贷款。考虑该项目为境外项目,金融机构依托自身的差异化优势组建跨境银团贷款,为K公司提供低成本、高效率的跨境金融服务。其中:中国进出口银行借助政策性银行优势,利用央行低成本的SPL人民币特定贷款(Pledged Supplementary Lending,抵押补充贷款),为该项目提供支持;中国银行(601988,股吧)借助遍布全球的网点优势,通过境内、外支行跨境联动参团,为该境外项目提供集账户管理、跨境结算、境外融资、全球现金管理等为一体的跨境金融服务,同时借助境外机构的驻点优势,更好地进行银团的贷后管理。

  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:迎合“走出去”企业资产保值融通需求,助力“一带一路”沿线产业合作园区建设

  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“首批境外经贸合作区”,也是首家在泰国开发建设的中国境外工业园区。工业园位于泰国东部海岸,靠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,主要吸引汽配、机械、家电等中国制造业企业入园设厂,现已成为集制造、物流、商业生活区为一体的现代化综合园区。中泰两国政府关系友好,经贸合作日益紧密,正吸引越来越多的中国企业进入园区。目前,泰中罗勇工业园内入驻中国企业共计80余家,累计总投资近30亿美元,解决当地就业2万余人,累计实现工业总产值80亿美元;近三年,累计实现工业产值55亿美元,约占泰国工业产值的5‰,上缴税费接近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.

工业园区入驻的中国企业密集,对人民币接受度和认可度较高。近年来,银行的跨境人民币服务有力地满足了境外“走出去”的中国企业资产的保值需求,同时方便了中国企业与境内母公司的资金融通。
  工业园区入驻的中国企业密集,对人民币接受度和认可度较高。近年来,银行的跨境人民币服务有力地满足了境外“走出去”的中国企业资产的保值需求,同时方便了中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.

双语丨跨境人民币对外直投多点开花
  泰中罗勇工业园区内的Z公司是中国最大的轮胎生产企业的境外企业,为了规避美国对中国轮胎行业的惩罚性关税,不得不尝试“走出去”;考虑中国和东盟国家间的税收减免政策,该公司决定入驻罗勇工业园。Z公司现有年销售额3亿美元,原材料从国内采购,销往美国等地,存在人民币支付和储备的需要。跨境人民币对外投资的投资款可直接用于境内原材料采购,帮助企业对冲采购段汇率风险,减少汇兑的财务成本;同时,中国政局稳定,经济持续增长,人民币币值相对稳定,持有稳定人民币资产有利于资产保值,减少汇率风险。

  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.

双语丨跨境人民币对外直投多点开花
  泰中罗勇工业园区内的D公司是境内生产空调器主机和制冷设备的“走出去”企业。考虑人力成本原因,D公司的下游供应链核心企业迁移至泰国,D公司作为配套产品供应商,考虑供应链协同便利,也在泰国的罗勇工业园设立了工厂。D公司在工业园使用人民币资本金,由于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,遂申请建立跨境双向人民币资金池:当境外公司人民币充裕时,可将人民币调回境内母公司使用;当境外公司需要人民币融资时,境内母公司可临时出借人民币资金。

  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.

  本文发表在《金融&贸易》2017年第4期

  作者单位:中国银行浙江省分行

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

 

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