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Original Title: Today’s Viewpoint: The First Policy of Stabilizing Foreign Trade and Foreign Capital in the New Year: RMB takes the lead in foreign exchange market resonance
Yan Yue
On the first working day of 2021, six departments including the Central Bank jointly issued the “Notice on Further Optimizing the Cross-border RMB Policy to Support Stabilizing Foreign Trade and Foreign Investment” (hereinafter referred to as the “Notice”). In a nutshell, the core of the “Notice” is to activate the use of cross-border renminbi, relax restrictions on the use of renminbi income from certain capital projects, and provide support for stabilizing foreign trade and foreign investment.
There are five main contents of the “Notice”, including promoting the facilitation of higher-level trade and investment RMB settlement around the needs of the real economy, further simplifying the cross-border RMB settlement process, optimizing the management of cross-border RMB investment and financing, and facilitating cross-border RMB cross-border personal current accounts Collection and payment to facilitate the use of RMB bank settlement accounts of overseas institutions.
While “relaxing restrictions on the use of RMB income from certain capital projects”, the “Notice” stipulates that the RMB income from capital projects of domestic institutions (including foreign direct investment capital, cross-border financing and repatriation of funds raised from overseas listings) shall meet the following requirements Circumstances, use within the business scope approved by the relevant state departments: not directly or indirectly used for expenditures outside the business scope of the enterprise or expenditures prohibited by national laws and regulations; unless expressly stipulated otherwise, not directly or indirectly used for securities investment; Except where there is a clear permit in the business scope, it shall not be used to issue loans to non-affiliated enterprises; it shall not be used to construct or purchase real estate for non-self-use (except for real estate enterprises).
It is not difficult to see from this that the prerequisite for the promulgation of the policy of stabilizing foreign trade and foreign investment must first meet the needs of risk prevention.
In terms of stabilizing foreign trade and foreign investment, the State Council and relevant departments have successively introduced some policies and measures in 2020 and achieved remarkable results.
On August 12, 2020, the General Office of the State Council issued the “Opinions on Further Doing a Good Job in Stabilizing Foreign Trade and Foreign Investment,” and assigned specific tasks to various departments. At that time, the information released by the Ministry of Commerce showed that from January to July 2020, the actual use of foreign capital nationwide was 535.65 billion yuan, a year-on-year increase of 0.5% (excluding banking, securities, and insurance), which was an increase from January to June. 1.8 percentage points, from negative growth to positive growth. The effectiveness of stabilizing foreign investment was better than expected. Since then, this momentum has continued. From January to November, the country’s actual use of foreign capital was 899.38 billion yuan, a year-on-year increase of 6.3%.
The situation of foreign trade turning positive in 2020 will be earlier than foreign investment, but the growth rate is not as good as foreign investment. According to customs statistics, in the first 11 months of 2020, the total value of my country’s import and export of goods trade was 29.04 trillion yuan, an increase of 1.8% over the same period last year.
The effectiveness of stabilizing foreign investment is related to the new version of the Foreign Investment Law and its supporting regulations officially implemented in 2020. This set of regulations completely canceled the approval and filing of changes in the establishment of foreign-funded enterprises in the commercial sector. Foreign investment has implemented an information reporting system, and the degree of investment liberalization and facilitation has increased. Foreign investment expectations and confidence have stabilized and improved.
The National Development and Reform Commission and the Ministry of Commerce released the “Catalogue of Industries Encouraging Foreign Investment (2020 Edition)” in full on December 28, 2020, and it will come into force on January 27, 2021. The catalog is an important measure to implement the decisions and arrangements of the Party Central Committee and the State Council and further stabilize foreign investment.
In 2020, a series of policies and measures to stabilize foreign trade have also been introduced, such as the temporary exemption of tax deferment interest on domestic sales of processing trade enterprises, support for export to domestic sales, and expansion of online channels for foreign trade.
Stabilizing foreign investment and foreign trade will remain one of the priorities in 2021. Because “the foundation of my country’s economic recovery is not yet solid”, “the world economic situation is still complicated and severe, and the recovery is unstable and uneven”, the Central Economic Work Conference held in Beijing in December 2020 emphasized that the “six stability” work must be solidly carried out. Fully implement the “six guarantees” task; deepen the market-oriented reform of interest rates and exchange rates, and maintain the basic stability of the RMB exchange rate at a reasonable and balanced level.
The fermentation of the policy of stabilizing foreign trade and foreign investment will inevitably achieve resonance in the financial market while being reflected in the real economy. On January 4, the central parity of the RMB against the US dollar was 6.5408. On January 5, the central parity of the RMB against the US dollar was 6.476. On the first trading day of 2020, the central parity of the RMB against the US dollar was 6.9614.
Therefore, it is not difficult to foresee that the policies on stabilizing foreign investment and foreign trade in 2021 will gradually increase the implementation plan and refine the implementation plan.
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Editor in charge: He Songlin