【双语】完善真实性审核
完善真实性审核
Balancing Reform and Regulation - Improving Compliance and Verification
金融是现代经济的核心，其发展过程一直伴随着改革创新和监管规范。自2008年美国次贷危机演变成全球金融危机以来，如何平衡好金融创新和监管之间的关系，就成为国际社会普遍关注的问题。而要加强和规范金融创新，则需要更加强调金融服务实体经济和消费者权益的保护，将切实有效防范金融风险放在优先位置。
Finance is the core of the modern economy, and its development has been driven by reform, innovation and regulatory guidance. Ever since the 2008 US subprime mortgage crisis evolved into a global financial crisis, the international community has been grappling with the question of how to balance financial innovation with the need for robust regulation. As the drive towards financial innovation gathers pace, more attention needs to be focused on providing financial services to the real economy while protecting the interests of consumers. In order to strike this balance, the prevention of financial risk must be given top priority.
近年来，外汇局一方面坚持改革开放，加快推进简政放权和政府职能转变，抓住有利时机推进制度性改革，降低交易成本，进一步提升贸易投资便利化水平；另一方面，全面梳理现行管理政策和制度，堵塞管理漏洞，加强真实性合规性审核执法要求，加大对外汇违法行为的打击力度，维护外汇市场秩序。《国家外汇管理局关于进一步推进外汇管理改革完善真实性合规性审核的通知》（汇发〔2017〕3号，以下简称《通知》）的出台，则很好地贯彻落实了前述背景和思路。从政策制定层面看，《通知》一方面继续坚持经常项目可兑换；另一方面，对于已经开放的直接投资、证券投资等资本项下的政策也没有出现后退，体现了外汇管理不会重走资本管制老路的原则。而在政策执行层面，则紧紧围绕现有外汇管理政策框架，依法依规进行管理，通过加强对交易的真实性和合规性审核，打击外汇领域违法违规活动，维护外汇市场的健康稳定运行。此举既符合国际货币基金组织有关经常项目可兑换的要求，又较好地适应和平衡了当前外汇市场的监管需要。
In recent years, SAFE has pushed for reform and a greater opening up of the economy, speeding up the decentralization of government regulation and the transformation of government functions. SAFE has also worked to promote institutional reform, facilitate trade and reduce transaction costs. It has analyzed existing policies to improve foreign exchange management and plug loopholes in the system. And it has strengthened audit requirements and stepped up its efforts to halt irregularities in an effort to maintain order in the foreign exchange market. The introduction of the Circular of the State Administration of Foreign Exchange on Further Promotion of Foreign Exchange Management Reform to Improve Audits of Authenticity Compliance (State Administration of Foreign Exchange (2017) No. 3, or the Circular) represents another important step forward on this path. As far as policy-making is concerned, the Circular adheres to the existing status of the convertibility of the renminbi on the current account. At the same time it maintains the existing openings to direct investment and securities investment, demonstrating that there will not be a turning back of the clock to the capital controls of the past. Implementation of this policy document relies on the existing foreign exchange management policy framework. By strengthening the transaction verification process to combat illegal foreign exchange activities, there can also be a healthy and stable operation of the foreign exchange market, which complies with the requirements regarding the convertibility of the currency under the current account as stated by the International Monetary Fund.
推进资本项目改革
Promoting Capital Account Reform
《通知》坚持改革开放这一原则在资本项下表现明显：允许特定外汇贷款结汇，与之前相比开放步伐较大；允许内保外贷资金以债权或者股权投资形式调回境内使用，便利企业统筹境内外资源，降低财务成本；明确了境外投资需要审核的材料和环节，便利银行企业操作，也利于稳定市场预期；提高跨国公司资金集中运营政策框架下银行吸收境外存款境内运用的比例；支持自贸区发展，允许自贸区内境外机构境内外汇账户内资金结汇境内使用；统一本外币境内放款政策，包括宏观审慎计算公式和登记程序等。
The Circular adheres to the principle of reform and economic opening. It permits the settlement of specific foreign exchange loans, a huge step forward compared with previous practice, and it allows foreign loans with domestic guarantees to be transferred back for domestic use in the form of debt or equity. This can reduce financial costs by aiding corporations in their overall planning as to how they make use of domestic and foreign financial resources. The Circular also clarifies the types of documents that can be used to support offshore investment, thereby simplifying the process for banks and their customers alike. It expands the ability of banks to make domestic use of offshore deposits in support of the centralized fund management program for multinational companies. And it supports the development of free trade areas by allowing the domestic use of foreign exchange that has been settled and converted into local currency.
一是关于境内外汇贷款结汇。主要指货物贸易项下出货前和出货后贸易融资、以企业出口项下预期收汇权益为基础的流动资金贷款，不需要与企业单笔出口收汇金额、期限等一一匹配。具体包括信用证及托收项下出口押汇、出口贴现、出口商业发票贴现、出口保理、福费廷、订单融资、协议融资、出口海外代付、打包放款等具有货物贸易出口背景的境内外汇贷款。因境内外汇贷款结汇可以反复多次进行，不仅会影响外汇市场供求关系，也会对汇率产生影响，因此，一直以来对境内外汇贷款结汇管理相对严格。此次《通知》允许境内外汇贷款结汇，一个对冲要求是应当以对应的出口收汇偿还的国内外汇贷款，原则上不能购汇偿还。但对那些确因客观原因不能正常收汇而导致银行本外币头寸不匹配产生风险的，可由企业事前向外汇局备案后购汇偿还境内外汇贷款。需要指出的是，这里的备案不是审批，除外汇管理部门依法按程序的要求外，企业备案后可以自行办理购汇偿还手续。银行应当按照展业原则认真审核购汇真实性，留存单据5年备查，并按规定报送结售汇统计数据。根据货物贸易外汇管理有关政策，出口贸易融资项下资金，在金融机构放款及企业实际收汇出口货款时，均可直接划入企业经常项目外汇账户。因此《通知》规定的出口项下境内外汇贷款也可以直接进入企业经常项目外汇账户。
The policy document addresses trade financing – both pre- and post-shipment – based on expected foreign exchange earnings. It specifies that any trade credits need not completely match the amount of foreign exchange income or exactly coincide with the timing of a shipment. Specifically, it includes letters of credit, collections under an export bill, export bill discounting, export business invoice discounting, export factoring, forfeiting, order financing, export overseas payments, "packaged" loans and other foreign exchange loans related to exports. The settlement of foreign exchange loans can be repeated many times, and that could affect supply and demand on the foreign exchange market and in turn have an impact on the exchange rate. For these reasons, authorities have been relatively strict on foreign exchange settlements related to foreign exchange loans.
The Circular allows domestic settlement of foreign exchange borrowings, but repayments are supposed to be made with export income rather than purchases of foreign exchange. However, in circumstances where companies are unable to receive expected foreign exchange income they can notify SAFE of their need to make foreign exchange purchases. It should be noted that this is merely notification and not a requirement for prior approval. The responsibility is with the bank to ensure there is a legitimate reason for the foreign exchange purchase. The bank must also keep the documentation on file for five years. Foreign exchange funds from export financing as well as export income can be moved directly into the company's foreign exchange account.
二是关于自贸区内境外机构在境内开立的外汇账户资金结汇。此条政策只适用境外机构在自贸区内银行开立的NRA外汇账户。针对之前政策关于NRA外汇账户内资金未经批准不得直接或者变相结汇的规定，为探索离岸性质账户管理经验，进一步发挥自贸区全面深化改革和扩大开放作用，此次《通知》明确了NRA外汇账户内资金在确有境内实际使用需求时可以结汇，但只能直接支付境内使用。根据《通知》规定，境外机构依法在注册且营业场所在自由贸易试验区内的银行开立的NRA外汇账户的资金可以结汇，结汇所得人民币资金应支付境内使用，不得划转境外或进入FT账户及其他NRA账户等。银行按照“不落地”结汇方式，通过银行内部账户办理NRA外汇账户结汇，结汇及支付时可不审单。结汇资金原则上在结汇后2个工作日内划入收款银行账户，收款银行按规定审核企业提供的经常项目或资本项目单证后办理资金入账。如收款银行审核后认为不合规，由此导致无法入账或发生交易撤销引起退汇的，无论是经常项下还是资本项下交易，该笔人民币资金都应原路退回结汇银行，结汇银行应在收到款项当天通过“不落地”购汇后原路退回境外机构的NRA外汇账户。上述过程中发生的货币转换损失或收益由境外机构与境内收款方协商处理。根据《银行结售汇统计制度》（汇发〔2006〕42号）的规定，非居民机构办理结汇，按照人民币资金用途确定统计项目的具体归属。此外，2015年，外汇局已明确境外机构按照规定可开展即期结售汇交易的业务，注册在自由贸易试验区内的银行可以为其办理人民币与外汇衍生产品交易，而此次允许自由贸易试验区内境外机构境内外汇账户结汇，则可进一步促进上述创新措施发挥效果。
The Circular also covers the settlement of foreign exchange funds in non-resident accounts in free trade areas. It states that non-resident accounts can be used for direct domestic settlement if there is a legitimate domestic purpose for the funds. Renminbi funds resulting from foreign exchange settlement can only be used for domestic payments and cannot be transferred overseas or to other non-resident accounts.
Banks are free from the examination and approval requirements in making settlement or payment. The settlement funds are supposed to be credited to the receiving bank account within two working days and the receiving bank has examined the current account or capital account information from the enterprise in question. If the receiving bank finds there is a non-compliance issue, the renminbi funds should be returned to the settlement bank via the original route. Thus, the settlement bank would need to purchase foreign exchange on the same day it receives the returned renminbi funds. Any losses or proceeds resulting from the currency exchange need to be resolved by negotiation among the parties.
三是关于跨国公司资金集中运营政策的改革。2015年印发的《跨国公司外汇资金集中运营管理规定》（汇发〔2015〕36号），允许“境内银行通过国际外汇资金主账户吸收的存款，可在不超过前六个月日均存款余额的50%额度内境内运用；在占用短期外债余额指标的前提下，可将国际外汇资金主账户吸收存款中超过50%的部分境内运用”。
The Circular also addresses the centralized use of funds by multinationals. The Provisions on the Administration of Centralized Operation of Foreign Exchange Funds of Multinational Corporations (State Administration of Foreign Exchange (2015) No. 36) refer to the use of deposits in the main account of international foreign exchange funds at domestic banks. The regulations state that “50% of the deposits can be used for domestic purposes if this does not exceed the average daily account balance over the past six months.”
加强真实性合规性审核
Strengthening Compliance Audits
《通知》在现有政策框架下完善了真实性合规性审核，弥补了现有政策的漏洞和短板，并进一步细化了对银行的展业要求。需要强调的是，真实性合规性是外汇管理的基础，其理论依据是反洗钱、反避税以及反恐融资等要求，核心是打击投机套利和违法违规的外汇交易，符合国际货币基金组织要求和国际惯例。即使将来实现包括资本项目交易在内的完全可兑换，遵循真实性合规性也是市场主体应尽的义务。真实性合规性作为基本管理原则，贯穿于外汇管理各个时期和主要交易项目之中，不会因短期形势变化而发生改变。
The Circular completes the process of ensuring authenticity and compliance with the existing regulatory framework, plugging loopholes and addressing the shortcomings of previous policies. Authenticity and compliance are the cornerstones of foreign exchange management, with anti-money-laundering, anti-tax-evasion and anti-terrorism-financing as key objectives. Cracking down on speculative arbitrage and foreign exchange transactions in violation of rules and regulations are also core areas for policy implementation. Even at some future date when there is full convertibility of the currency under the capital account, there will still be a need for ensuring transaction authenticity and compliance. As a fundamental management principle, authenticity and compliance will not change due to the short-term changes in the foreign exchange situation.
关于经常项目外汇收支基本原则
Basic Principles on the Current Account
我国1996年就已经实现经常项目可兑换，根据国际货币基金组织的相关规定，仍然需要进行真实性合规性审核。根据现行外汇管理政策的要求，除部分特殊交易类型和特殊区域政策外，原则上外汇收支企业应当按照“谁出口谁收汇、谁进口谁付汇”的原则办理贸易外汇收支业务。出口业务应按合同约定及时、足额收回货款；代理进出口业务的，应由代理方收付汇。对于符合规定的收付汇单位和进出口单位不一致的情况，企业可在所在地外汇局办理主体变更手续。银行按照“了解客户、了解业务、尽职调查”原则，审核真实性合规性后办理业务。近期外汇局在监测和核查中发现，少数企业存在出口不收汇或少收汇、进出口报关主体和收付汇主体不一致，且不能提供证明其真实性合规性的单证等情况，扰乱了正常外汇收支秩序。鉴此，《通知》重申了上述原则，再次强调外汇业务的真实性合规性，规定除特殊业务外，均应坚持“谁出口谁收汇、谁进口谁付汇”，以进一步规范外汇市场秩序，服务经济持续健康发展。需要指出的是，海关特殊监管区域内企业，不受前述原则约束，包括离岸转口贸易在内的一些特殊交易类型，仍然可以按照海关特殊监管区域政策办理。此外，一些企业经批准的政策试点也不受影响。
Since 1996，China has allowed full convertibility of the currency under the current account, and according to the relevant provisions of the International Monetary Fund, it still needs to conduct verification for transaction authenticity and compliance. In accordance with the requirements of the current foreign exchange management policies, except for some special types of transactions and special regional policies, foreign exchange receipts and payments enterprises should be in accordance with the rules that "those who export receive the foreign exchange; those who import pay the foreign exchange." Export business should be completed in accordance with the underlying contract in a timely manner and with full collection of the purchase price. In conducting its monitoring and verification effort, foreign exchange authorities have discovered a small number of enterprises that didn’t actually receive any foreign exchange or received less than the amount stated in their export contracts. There were inconsistencies between customs declarations and the foreign exchange amounts received or paid without sufficient supporting documentation. This disrupted the normal order of foreign exchange transactions. In view of this, the notice has reaffirmed the need for determining authenticity and compliance and the general need to ensure that exporter receives foreign exchange payments and importers make foreign exchange payments. It should also be pointed out that there are some exceptions to this rule, such as some pilot projects.
为坚持和落实好前述原则，《通知》进一步重申了经常项目外汇收入留存境外的管理原则。按照现行《国家外汇管理局关于印发货物贸易外汇管理法规有关问题的通知》（汇发〔2012〕38号）、《国家外汇管理局关于印发服务贸易外汇管理法规的通知》（汇发〔2013〕30号）等规定，境内机构货物贸易和服务贸易外汇收入存放境外，应事前到外汇局办理境外外汇账户开户登记或核准手续，并及时报送境外外汇账户收支信息；外汇局对其实施非现场监测。但在以往的监测核查中发现，个别机构因各种原因并未按规定办理相关登记备案手续或报送信息。为全面了解和掌握经常项目外汇收入情况，全面采集存放境外外汇收入的信息，规范数据报送，完善外汇收入存放境外管理，《通知》规定，对于未按照规定及时报告境外账户及其收支相关信息的，境内机构应在《通知》发布之日起一个月内主动、完整、准确地向所在地外汇局现场报告或通过系统补录入相关信息。未按《通知》规定办理登记和信息报告的，外汇管理部门依据《中华人民共和国外汇管理条例》予以处罚。这时的处罚存在法条竞合问题，将按照“从重选择”原则办理，即有可能按照逃汇进行定性处罚。
The Circular also reaffirms management principles regarding foreign exchange earnings retained in accounts overseas, referring to the State Administration of Foreign Exchange’s Printing and Distributing of the Circular on Some Issues Regarding the Management and Laws and Regulations of Foreign Exchange on Trades in Goods (SAFE (2012) No. 38) and the State Administration of Foreign Exchange’s Printing and Distributing of the Circular on the Management and Laws and Regulations of Foreign Exchange on Trades in Goods (SAFE (2013) No. 30). These regulations make clear that domestic entities must register with authorities in advance and submit overseas foreign exchange account receipts and payments information in a timely manner. As a result of monitoring in the past, authorities have found that some companies did not meet these requirements. The Circular reiterates that failure to report relevant information can result in serious penalties.
关于外商投资企业利润汇出
Profits of Foreign-Invested Enterprises
直接投资利润汇出属于经常项目。在当前我国已实现经常项目可兑换的情况下，境内机构真实合规的利润，只要按程序出具证明材料，就可以直接在银行办理汇出手续，没有任何限制。此次《通知》对境内机构利润汇出未增加新的审核材料，只是进一步明确，境内机构利润汇出前应先依法弥补以前年度的亏损，并重申了等值5万美元（不含）以上利润汇出单证审核的要求。对于等值5万美元（含）以下的利润汇出，仍按照《国家外汇管理局关于印发服务贸易外汇管理法规的通知》（汇发〔2013〕30号）的规定执行，即银行原则上可不审核交易单证，但对于资金性质不明确的，应要求境内机构和境内个人提交交易单证进行合理审查。银行应继续按照“展业三原则”的要求，完善对境内机构利润汇出真实性和合规性的审核。这是符合国际惯例的。
Profits from direct investments are classified as being under the current account. Since China already allows currency convertibility under the current account, corporate entities can go to a bank to remit these proceeds without any restrictions as long as there is documentation showing the earnings are authentic and legally compliant. The Circular has not imposed new demands for examination and verification, though it does specify that previous tax losses need to be offset before funds can be remitted. Documents need to be verified for remittances of more than US$50,000. For sums of less than US$50,000 there is no need for bank verification as stated in the State Administration of Foreign Exchange’s Printing and Distributing of the Notice on the Management and Laws and Regulations of Foreign Exchange on Trades in Goods (SAFE (2013) No. 30).
《通知》要求的境内机构利润汇出前应依法弥补以前年度亏损，这在《公司法》和《企业会计制度》中均有明确规定。根据《公司法》的规定，公司的法定公积金不足以弥补以前年度亏损的，在依规提取法定公积金之前，应当先用当年利润弥补亏损；公司弥补亏损和提取公积金后所余税后利润，按规定分配；在公司弥补亏损和提取法定公积金之前向股东分配利润的，股东必须将违反规定分配的利润退还公司。根据《企业会计制度》的规定，企业当期实现的净利润，加上年初未分配利润（或减去年初未弥补亏损）和其他转入后的余额，为可供分配的利润。银行应按照“展业原则”要求审核相关证明材料，包括经审计的财务报表、董事会利润分配决议（或合伙人利润分配决议）、服务贸易等项目对外支付税务备案表等。银行在审核过程中，应注意是否存在以往年度亏损并在财务报表中体现了弥补情况。如果外商投资企业出现利润汇出问题，可以按照币种写明基本情况，分别向人民银行和外汇局邮箱反映。
According to the provisions of the Company Law, when a company's statutory provident fund is unable to make up for losses of previous years, the company must offset those losses before it can distribute profits. If profits are distributed to shareholders before the company makes up for previous losses and takes out money from a statutory provident fund, shareholders must return the profits to the company. According to the Enterprise Accounting System, the current realized profits of a company and the balance of undistributed proceeds at the beginning of a year (or minus the uncompensated losses at the beginning of the previous year) and any other receipts can be used for profit distribution. Banks need to audit the customer's relevant documents, including audited financial statements, the board's profit distribution resolution (or the profit distribution resolution of the partners of a company), as well as foreign payments and taxation. In the process of the audit, banks should pay attention to the losses of previous years and examine financial statements to ensure those losses have been offset. If a foreign company has trouble remitting profits it can submit documentation to the central bank for review.
需要强调的是，现有政策框架下加强外汇市场执法力度，不会影响企业正常用汇。商业银行根据国际惯例，对跨境交易和收付进行“反洗钱、反舞弊、反欺诈”调查等真实性合规性审核，是外汇管理的一贯要求，并不是新的政策。与之前相比，企业办理外汇收支业务，只要交易真实合法，正常的收付和兑换不会受到影响。
It should be stressed that strengthened enforcement of regulations under the existing policy framework will not affect the normal use of foreign exchange by enterprises. Commercial banks, in accordance with international practice, need to verify cross-border transactions as part of an effort in combating money laundering and fraud. This has always been a requirement, rather than a new policy, under foreign exchange management. Compared with previous practices, when the enterprises receive or pay foreign exchange, their normal receipts, payments and currency exchange shall not be affected as long as the underlying transaction is legitimate.
下一步，外汇管理将继续有序推进重点领域改革，做好与市场的沟通，进一步提升贸易投资便利化水平；同时，加强跨境资金流动监测预警，支持银行完善展业自律机制并严格履行真实性合规性等展业要求和责任，保持对外汇违法违规行为的高压打击态势，维护我国经济金融安全。
In the future, foreign exchange authorities will continue to promote the reform of key areas in an orderly manner, and communicate with the market to facilitate trade and investment. At the same time, it will continue to strengthen the monitoring and early warning mechanism for cross-border capital flow, support banks to improve their internal compliance abilities and strictly meet the requirements for authenticity and compliance, combating illegal activities in the foreign exchange arena, and safeguarding China's economic and financial security.
