QFLP policy “broke out”
Released on 2011-10-21 18:06 | readings
自2010年初就被热议的合格境外有限合伙人QFLP（Qualified Foreign Limited Partner）政策，终于“破局”。
QFLP的试点方案已经得到国家外管局首肯。今年1月，上海出台《关于本市开展外商投资股权投资企业试点工作的实施办法》，上海QFLP试点由此正式启动。不过此次试点仅突破了自由换汇一项，商务部门对超过1亿美元的投资领域仍将严格审批，且规模被限制在京、沪各30亿美元的额度之内。
“QFLP试点，是在申请的额度下，让合格的LP在合格的GP内管理，并能够用这个额度把海外资金直接换成人民币投资于国内项目的人民币基金。”上海市金融办主任方星海介绍，“上海金融界一直位于全国前列。在资本的进出领域，包括国内资本到国外、国外资本金进来，上海一定要做全国最领先的城市。”
央行行长周小川近日在接受媒体专访时指出，推进资本项目可兑换，将以直接投资便利化为出发点，率先实现直接投资基本可兑换。
上海金融办还介绍，LP必须有出资确认函才可递交QFLP资格申请。审批包括材料递送、专家初审和联合终审三个环节。审批中有四个优先原则，其一是在中国有投资经验并成功退出者优先，其二是在高新技术领域有投资经历，尤其是有投资七大新兴产业经验者优先，其三是基金机构的组织架构清晰、投资期限明确且项目储备丰富者优先，其四是有境内机构参与的LP优先。
相比于2008年外管局出台的“规定外商投资企业资本金结汇所得人民币资金不得用于境内股权投资”142号文，QFLP试点则更进一步。
QFLP政策提出至今已有一年半之久，原拟定方案一方面按额度放开换汇的限制，另一方面要给有关外资“国民待遇”，即外资PE在募集国外资金不超过一定比例的情况下，可不受投资领域限制。
实际上，中国商务部从2009年中就开始酝酿新的“稳外资”政策。数据显示，自09年8月起，中国吸收的外资已连续4个月保持增长。预计全年实际使用外资850亿美元左右，下降约8%，仍低于全球外国直接投资的平均降幅，投资者对中国经济的长远发展有信心。根据美国商会最近对400家在华外资企业所做的调查，超过90%的受访者认为在中国经营前景乐观，65%的企业计划在2010年进一步增加对中国的投资，这一数字比去年同期增加了7个百分点。
中国政府自2010年起就持续推进投资便利化，营造公平市场环境，其中包括全面清理涉及外商投资的审批事项，最大限度缩小审批与核准范围，增加审批透明度。此外还包括完善外商投资企业的外汇管理，简化其外汇资本金结汇手续等。在中国不断完善外商投资基础设施且法律稳定的前提下，QFLP政策的“破竹”可谓势在必行。
Qualified foreign limited partnership (QFLP) policy, the hot topic since early 2010, finally "broke out".
As QFLP pilot program has been approved this year, in January, "measures to carry out pilot programs of the city's foreign-invested equity investment firms" was issued in Shanghai, which officially launched the Shanghai QFLP pilot program. Since the pilot only achieved the free currency exchange, the commercial departments will continue to scrutinize investments of more than $ 100 million and the program has been limited to Beijing and Shanghai only with $ 3 billion maximum investment for each.
"QFLP pilot, under the application of certain amount, makes a qualified LP manage a qualified GP, and use this amount to turn overseas funds directly into RMB for investment in domestic projects." Fang-Xinghai, the director of Shanghai Finance Office said Shanghai’s financial sector has been the leader of industry in the area of capital flows in and out of the country, including domestic capital flowing out into foreign countries and foreign capital flowing in, Shanghai must become the leading city in this country."
Zhou-Xiao-Chuan, the central banker recently interviewed by the mass media, pointed out that to promote capital account convertibility, it should start from facilitating direct investment and being the first to achieve the basic convertibility of direct investment.
Shanghai Finance Office also introduced that there must be contribution confirmation letter for LP to submit QFLP eligibility application. The Approval process includes material delivery, first review by experts, and the joint final. There are also four priority principles for approval. One is for those who invested in China and successfully exited; The second is for those who used to invest in high-tech industry, especially the seven new industries; The third is for those who have a clear organizational structure for funding agencies and a clear investment horizon and rich reserves of the priority projects; The forth is for LPs joined by domestic institutions.
Compared to the No. 142 "Regulations of foreign-capital-funded enterprises that shall not exchange the RMB for domestic equity investment," issued by SAFE in 2008, QFLP pilot has advanced further.
QFLP policy has been proposed for a year and a half. The original proposal on the one hand is to break the limit of currency exchange, on the other hand is to grant foreign investors "national treatment" where foreign PE can raise foreign capital without market restriction as long as the amount does not exceed certain percentage under given circumstances.
In fact since 2009, the Chinese Commerce department has been deliberating a new "stable foreign Capital" policy. Data showed that since August 2009, foreign investment in China has been growing for four consecutive months, the actual use of foreign investment throughout the year is expected to be about $ 85 billion with an 8% decline which is lower than the global average decline rate of foreign direct investment. Investors have confidence in the long-term development of China economy. According to a recent survey on 400 foreign-funded enterprises in China given by U.S. Chamber of Commerce, more than 90% of respondents feel optimistic about the business prospects in China and 65% of companies plan to increase investment in 2010, which has increased by 7% compared to last year at the same period.
The Chinese government has continued to promote investment facilitation and created a fair market since 2010, including cleaning up approval matters related to foreign investment, minimizing the scope of approval to increase transparency, improving foreign exchange management of foreign-invested enterprises and streamlining its foreign exchange capital settlement procedures. As the infrastructure of foreign investment and a stable legal environment in China continue to grow, QFLP policy will finally break through.
自2010年初就被热议的合格境外有限合伙人QFLP（Qualified Foreign Limited Partner）政策，终于“破局”。
QFLP的试点方案已经得到国家外管局首肯。今年1月，上海出台《关于本市开展外商投资股权投资企业试点工作的实施办法》，上海QFLP试点由此正式启动。不过此次试点仅突破了自由换汇一项，商务部门对超过1亿美元的投资领域仍将严格审批，且规模被限制在京、沪各30亿美元的额度之内。
“QFLP试点，是在申请的额度下，让合格的LP在合格的GP内管理，并能够用这个额度把海外资金直接换成人民币投资于国内项目的人民币基金。”上海市金融办主任方星海介绍，“上海金融界一直位于全国前列。在资本的进出领域，包括国内资本到国外、国外资本金进来，上海一定要做全国最领先的城市。”
央行行长周小川近日在接受媒体专访时指出，推进资本项目可兑换，将以直接投资便利化为出发点，率先实现直接投资基本可兑换。
上海金融办还介绍，LP必须有出资确认函才可递交QFLP资格申请。审批包括材料递送、专家初审和联合终审三个环节。审批中有四个优先原则，其一是在中国有投资经验并成功退出者优先，其二是在高新技术领域有投资经历，尤其是有投资七大新兴产业经验者优先，其三是基金机构的组织架构清晰、投资期限明确且项目储备丰富者优先，其四是有境内机构参与的LP优先。
相比于2008年外管局出台的“规定外商投资企业资本金结汇所得人民币资金不得用于境内股权投资”142号文，QFLP试点则更进一步。
QFLP政策提出至今已有一年半之久，原拟定方案一方面按额度放开换汇的限制，另一方面要给有关外资“国民待遇”，即外资PE在募集国外资金不超过一定比例的情况下，可不受投资领域限制。
实际上，中国商务部从2009年中就开始酝酿新的“稳外资”政策。数据显示，自09年8月起，中国吸收的外资已连续4个月保持增长。预计全年实际使用外资850亿美元左右，下降约8%，仍低于全球外国直接投资的平均降幅，投资者对中国经济的长远发展有信心。根据美国商会最近对400家在华外资企业所做的调查，超过90%的受访者认为在中国经营前景乐观，65%的企业计划在2010年进一步增加对中国的投资，这一数字比去年同期增加了7个百分点。
中国政府自2010年起就持续推进投资便利化，营造公平市场环境，其中包括全面清理涉及外商投资的审批事项，最大限度缩小审批与核准范围，增加审批透明度。此外还包括完善外商投资企业的外汇管理，简化其外汇资本金结汇手续等。在中国不断完善外商投资基础设施且法律稳定的前提下，QFLP政策的“破竹”可谓势在必行。
Qualified foreign limited partnership (QFLP) policy, the hot topic since early 2010, finally "broke out".
As QFLP pilot program has been approved this year, in January, "measures to carry out pilot programs of the city's foreign-invested equity investment firms" was issued in Shanghai, which officially launched the Shanghai QFLP pilot program. Since the pilot only achieved the free currency exchange, the commercial departments will continue to scrutinize investments of more than $ 100 million and the program has been limited to Beijing and Shanghai only with $ 3 billion maximum investment for each.
"QFLP pilot, under the application of certain amount, makes a qualified LP manage a qualified GP, and use this amount to turn overseas funds directly into RMB for investment in domestic projects." Fang-Xinghai, the director of Shanghai Finance Office said Shanghai’s financial sector has been the leader of industry in the area of capital flows in and out of the country, including domestic capital flowing out into foreign countries and foreign capital flowing in, Shanghai must become the leading city in this country."
Zhou-Xiao-Chuan, the central banker recently interviewed by the mass media, pointed out that to promote capital account convertibility, it should start from facilitating direct investment and being the first to achieve the basic convertibility of direct investment.
Shanghai Finance Office also introduced that there must be contribution confirmation letter for LP to submit QFLP eligibility application. The Approval process includes material delivery, first review by experts, and the joint final. There are also four priority principles for approval. One is for those who invested in China and successfully exited; The second is for those who used to invest in high-tech industry, especially the seven new industries; The third is for those who have a clear organizational structure for funding agencies and a clear investment horizon and rich reserves of the priority projects; The forth is for LPs joined by domestic institutions.
Compared to the No. 142 "Regulations of foreign-capital-funded enterprises that shall not exchange the RMB for domestic equity investment," issued by SAFE in 2008, QFLP pilot has advanced further.
QFLP policy has been proposed for a year and a half. The original proposal on the one hand is to break the limit of currency exchange, on the other hand is to grant foreign investors "national treatment" where foreign PE can raise foreign capital without market restriction as long as the amount does not exceed certain percentage under given circumstances.
In fact since 2009, the Chinese Commerce department has been deliberating a new "stable foreign Capital" policy. Data showed that since August 2009, foreign investment in China has been growing for four consecutive months, the actual use of foreign investment throughout the year is expected to be about $ 85 billion with an 8% decline which is lower than the global average decline rate of foreign direct investment. Investors have confidence in the long-term development of China economy. According to a recent survey on 400 foreign-funded enterprises in China given by U.S. Chamber of Commerce, more than 90% of respondents feel optimistic about the business prospects in China and 65% of companies plan to increase investment in 2010, which has increased by 7% compared to last year at the same period.
The Chinese government has continued to promote investment facilitation and created a fair market since 2010, including cleaning up approval matters related to foreign investment, minimizing the scope of approval to increase transparency, improving foreign exchange management of foreign-invested enterprises and streamlining its foreign exchange capital settlement procedures. As the infrastructure of foreign investment and a stable legal environment in China continue to grow, QFLP policy will finally break through.