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【雙語】跨境人民幣對外直投多點開花

發布:2017-12-21 15:33 來源: 《金融&貿易》2017年第4期 作者:余佳徽

跨境人民幣對外直投多點開花

Renminbi Gains Ground in Cross-border Investment

文>余佳徽

By Yu Jiahui

 

隨著企業跨境貿易和投資的需求日趨旺盛,加之2008年金融危機肆虐,中國企業對使用人民幣進行結算的呼聲很高。跨境人民幣業務經過八年的探索前行,有力地支持了中國企業的跨境發展。

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.


面對企業對外投資“走出去”的新趨勢,配合國家“一帶一路”倡議,如何借力中國企業的對外投資將人民幣帶至國際舞臺;又如何利用跨境人民幣的金融服務,更好地助力中國企業的對外投資,成為擺在銀行面前的新課題。

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:起步發展

The Start-up Years 2011-2015

為便利境內企業開展境外直接投資人民幣結算業務,2011年,中國人民銀行出臺《境外直接投資人民幣結算試點管理辦法》(中國人民銀行公告〔2011〕第1號),至此以人民幣形式進行對外直接投資成為可能。

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月十八屆三中全會召開,會議明確“加快轉變政府職能,深化投資體制改革,確立企業投資主體地位”。為促進對外投資便利化,簡化中國企業境外投資審批流程,國家發改委、商務部、外匯管理局、證監會等機構紛紛調整對外投資的行政許可要求,松綁企業對外直接投資行為,支持中國企業跨出國門,通過對外投資,探索國際化發展道路。

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 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,國家發改委、外交部、商務部聯合發布了《推動共建絲綢之路經濟帶和21世紀海上絲綢之路的愿景與行動》,當年中國企業對“一帶一路”沿線國家直接投資額同比增長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.


隨著跨境人民幣對外直接投資政策的出臺,以及政府簡政放權和“一帶一路”倡議的引導,中國企業對外投資熱情被激發。近年來,跨境人民幣對外直接投資金額呈現持續較快增長,越來越多企業選擇以人民幣形式進行對外直接投資。

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:熱潮來臨

2016 : Renminbi Investment Boom

2015年下半年開始,隨著美元走強,人民幣匯率出現貶值預期,越來越多的中國企業加入對外投資的陣營,掀起一陣熱潮。商務部數據顯示,2016年,中國境內投資者共對全球164個國家和地區的7961家境外企業進行了對外直接投資,累計實現對外投資額11299.2億元人民幣,同比增長53.7%。大多數企業的確是出于企業發展的綜合戰略考慮,做出對外投資的決策;但不可否認,其中混雜著少數企業,他們利用對外投資審查便利,借道對外投資方式,實現資金跨境轉移的目的。如果此舉大范圍蔓延,將使人民幣匯率承壓,從而進一步引發資本恐慌性流出。

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.


2016年11月底,人民幣對美元匯率攀升至接近7的高位,為穩定資本流出,防范對外投資風險,保障對外投資持續、健康發展,國家發改委、商務部、人民銀行和外匯管理局四機構聯合加強了對外投資的管理。同時,要求銀行加強對企業資本項目的真實性審核和資金流出管理,加大對新設企業對外投資活動的審查,對那些境內企業經營狀況難以支撐境外投資規模,境外投資與境內公司主營業務存在較大差異,對外投資資金來源異常等異常投資行為進行核實。此舉有效打擊了人民幣做空勢力,遏制了資本恐慌性流出,成功捍衛了人民幣匯率;雖然短期內,中國企業對外投資額快速回落,但從長期看,便利對外投資和防范對外投資風險相結合的管理模式,將更有助于中國企業“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:回歸理性

Return to Rational Pattern in 2017

熱潮過后,政府層面出臺了《國務院辦公廳轉發國家發展改革委商務部人民銀行外交部關于進一步引導和規范境外投資方向指導意見的通知》(國辦發〔2017〕74號),對境外投資方向提出了指導意見,明確將對外投資項目分為鼓勵開展、限制開展和禁止開展三種類型,引導和規范企業的對外投資行為,在有效防范風險的基礎上,推動對外投資持續、有序、健康發展。在企業層面,由于對對外投資的各類風險有了全方位的了解,投資決策也將更趨理性。

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.


跨境人民幣對外投資服務,如何幫助中國企業更好地“走出去”呢?

利器一:滿足“走出去”企業的境外人民幣使用需要,幫助企業規避匯率風險,節約財務成本

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業,始終圍繞石化產業鏈進行投資發展,為實現縱向一體化和橫向多元化的產業發展戰略,獲取國外原油資源,打通國內化工原料和資源不足的瓶頸,緩解國內土地、環保和能耗壓力,決定通過其香港公司在“一帶一路”沿線國家文萊投資建設石化項目,利用國外資源推動企業轉型升級和產業結構調整。

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.


文萊公司考慮到其項目80%的建設工程及設備供應均由中國企業提供,為減少匯率波動對項目的影響,文萊公司與國內供應商和承建方簽署工程或設備采購合同時,選擇以人民幣作為結算貨幣。為匹配后續人民幣使用需要,減少貨幣匯兌的財務成本,H公司決定以人民幣對外出資,投資款直接支付國內供應商和承建方。該投資貨幣的選擇,幫助H公司節約財務成本700多萬元人民幣,同時有效降低了匯率風險。

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:為“走出去”企業提供低成本的境外融資,幫助企業節約融資成本

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公司是國內領先的空氣壓縮機生產企業,具有國際先進水平的生產技術,技術研發能力強,隨著節能減排政策的推行,產品競爭力進一步得到提升。隨著國家“一帶一路”倡議的不斷深入推進,K公司也積極參與國際市場競爭,2016年,其成功收購一家新加坡地熱能公司100%的股權,該公司擁有一家印尼地熱能公司95%的股權,是印尼240MW地熱發電項目的開發方。為支持印尼公司一期地熱發電項目建設,K公司需要依托境內母公司的融資能力,為境外項目建設爭取中長期項目貸款。

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.


根據《中國人民銀行關于境內銀行業金融機構境外項目人民幣貸款的指導意見》(銀發〔2011〕255號)的規定,允許境內銀行為境內企業在“走出去”過程中開展的各類境外投資和其他合作項目(包括但不限于境外直接投資、對外承包工程以及出口買方信貸等)發放人民幣貸款。考慮該項目為境外項目,金融機構依托自身的差異化優勢組建跨境銀團貸款,為K公司提供低成本、高效率的跨境金融服務。其中:中國進出口銀行借助政策性銀行優勢,利用央行低成本的SPL人民幣特定貸款(Pledged Supplementary Lending,抵押補充貸款),為該項目提供支持;中國銀行借助遍布全球的網點優勢,通過境內、外支行跨境聯動參團,為該境外項目提供集賬戶管理、跨境結算、境外融資、全球現金管理等為一體的跨境金融服務,同時借助境外機構的駐點優勢,更好地進行銀團的貸后管理。

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”企業資產保值融通需求,助力“一帶一路”沿線產業合作園區建設

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.

泰國泰中羅勇工業園是商務部授牌的“首批境外經貿合作區”,也是首家在泰國開發建設的中國境外工業園區。工業園位于泰國東部海岸,靠近泰國首都曼谷和廉差邦深水港,總體規劃面積12平方公里,主要吸引汽配、機械、家電等中國制造業企業入園設廠,現已成為集制造、物流、商業生活區為一體的現代化綜合園區。中泰兩國政府關系友好,經貿合作日益緊密,正吸引越來越多的中國企業進入園區。目前,泰中羅勇工業園內入駐中國企業共計80余家,累計總投資近30億美元,解決當地就業2萬余人,累計實現工業總產值80億美元;近三年,累計實現工業產值55億美元,約占泰國工業產值的5‰,上繳稅費接近6000萬美元。

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.


工業園區入駐的中國企業密集,對人民幣接受度和認可度較高。近年來,銀行的跨境人民幣服務有力地滿足了境外“走出去”的中國企業資產的保值需求,同時方便了中國企業與境內母公司的資金融通。

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.


泰中羅勇工業園區內的Z公司是中國最大的輪胎生產企業的境外企業,為了規避美國對中國輪胎行業的懲罰性關稅,不得不嘗試“走出去”;考慮中國和東盟國家間的稅收減免政策,該公司決定入駐羅勇工業園。Z公司現有年銷售額3億美元,原材料從國內采購,銷往美國等地,存在人民幣支付和儲備的需要。跨境人民幣對外投資的投資款可直接用于境內原材料采購,幫助企業對沖采購段匯率風險,減少匯兌的財務成本;同時,中國政局穩定,經濟持續增長,人民幣幣值相對穩定,持有穩定人民幣資產有利于資產保值,減少匯率風險。

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.


泰中羅勇工業園區內的D公司是境內生產空調器主機和制冷設備的“走出去”企業。考慮人力成本原因,D公司的下游供應鏈核心企業遷移至泰國,D公司作為配套產品供應商,考慮供應鏈協同便利,也在泰國的羅勇工業園設立了工廠。D公司在工業園使用人民幣資本金,由于該公司與境內母公司存在人民幣資金跨境余缺雙向調劑的需求,遂申請建立跨境雙向人民幣資金池:當境外公司人民幣充裕時,可將人民幣調回境內母公司使用;當境外公司需要人民幣融資時,境內母公司可臨時出借人民幣資金。

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.

 

作者單位:中國銀行浙江省分行

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

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