中國準備出臺新規(guī)進一步限制資本外流

China’s government is poised to impose new restrictions on outbound foreign investment in a bid to curb capital outflows that are putting downward pressure on the renminbi and draining foreign exchange reserves, according to sources.

據消息人士稱，中國政府計劃向對外投資施加新的限制，以遏制資本外流，該趨勢不僅對人民幣施加下行壓力，并導致外匯儲備持續(xù)流出。

The State Council, China’s cabinet, will ban outbound investment deals worth more than $10bn or mergers and acquisitions above $1bn if they are outside the Chinese investor’s core business, according to two sources who have seen a draft document outlining the new rules. State-owned enterprises will also not be allowed to invest more than $1bn in foreign real estate, according to the sources.

據兩撥曾見過新規(guī)草案要點的消息人士透露，中國國務院將禁止交易額在100億美元以上的對外投資交易，以及在中國投資者核心業(yè)務以外的、10億美元以上的并購交易，國有企業(yè)也不準投資10億美元以上的境外房地產項目。

Separately, the State Administration of Foreign Exchange, which approves conversion of renminbi into foreign exchange, held meetings with bankers in multiple cities to inform them of new approval requirements for large outbound deals, China Business News reported.

根據《第一財經日報》(China Business News)報道，中國國家外匯管理局(負責批準人民幣兌換外匯)已在多個城市與銀行業(yè)者舉行會議，向他們通報新的大型對外交易批準要求。

China’s foreign dealmaking has surged this year. Non-financial outbound investment by Chinese companies totalled $146bn in the first 10 months of 2016, above the record-high $121bn total for all of 2015, according to commerce ministry data.

今年中國對外交易激增。據中國商業(yè)部數據，2016年頭10個月內，中國企業(yè)對外非金融類投資總額達1460億美元，超過2015年全年創(chuàng)紀錄的1210億美元。

Due largely to capital outflows, the renminbi has fallen 5.8 per cent this year, on track for its worst year on record. China has sold dollars from its foreign exchange reserves to try to curb downward pressure on the currency, with reserves hitting $3.12tn at the end of October, the lowest level since March 2011.

在資本外流的主要作用下，人民幣今年下降5.8%，即將成為表現最差的一年。為遏制人民幣下行壓力，中國已從外匯儲備中出售美元，10月底外匯儲備觸及3.12萬億美元，降至2011年3月以來最低水平。

If formally issued, the State Council document would make explicit a policy shift already under way informally. Bankers have said in recent months that Safe has applied existing rules more strictly in order to delay or reject forex approvals that were once routine.

如果國務院正式頒布文件，將明確化這一已經非正式運行的政策轉變。銀行從業(yè)者在近幾個月表示外匯局已加強執(zhí)行現有規(guī)則，以推遲或拒絕一度例行的外匯審批。

In a joint statement by four agencies including Safe and the central bank on Monday, the government said it would “combine increased convenience of outbound foreign investment with prevention of foreign investment risks”.

本周一，包括外匯局、央行在內的四部門在聯合聲明中表示將“把推進對外投資便利化和防范對外投資風險結合起來”。

China is on pace to record its first ever net foreign direct investment deficit this year, according to balance of payments data. Inbound FDI exceeded outbound flows every quarter from 1998 until the midpoint of last year but China has reported FDI deficits for four of the last five quarters, including a record $31bn deficit in the third quarter of 2016.

根據國際收支數據，中國的外國直接投資(FDI)今年將首次錄得凈額赤字。自1998年至去年年中，中國每季度FDI流入都要超過對外流出，但中國報告近5個季度中有4個季度FDI呈赤字，包括2016年第三季度310億美元的赤字紀錄。

Despite the increase in FDI outflows, such investments remain only a small slice of China’s broader capital outflow. Excluding FDI, China suffered a capital and financial account deficit of $176bn in the third quarter — much higher than the $31bn of FDI outflows. These so-called “hot money” outflows include investment in stocks and bonds, as well as trade credit and other bank loans.

盡管FDI流出增加，但此類投資僅是中國更廣泛資本外流的一小部分。除FDI以外，中國第三季度資本和金融賬戶赤字達1760億美元，遠高于FDI外流的310億美元。這些所謂的“熱錢”流出包括股票和債券投資，以及貿易信貸和其他銀行貸款。