Recently, the Shaanxi Pilot Free Trade Zone launched a pilot policy interpretation and promotion meeting for qualified foreign limited partners (QFLP). QFLP) Pilot Interim Measures (hereinafter referred to as the "Measures") and the "Guidelines for the Pilot Program of Qualified Foreign Limited Partners in Shaanxi Pilot Free Trade Zone (Interim)" (hereinafter referred to as the "Guidelines").
It is understood that the "Measures" is divided into seven chapters, and mainly proposes 28 measures in five aspects. The "Guidelines" consist of six articles and 11 appendices. On the basis of the "Measures", the applicants, submitted materials, application and identification, pilot enterprise registration and filing, foreign exchange registration and fund remittance, information submission, etc. are explained in detail. The appendix provides the application materials of the pilot enterprises, and the templates for regular reports of the custodian banks and pilot enterprises.
Su Huchao said that the selection of the Shaanxi Free Trade Zone for this pilot project is not only a key carrier to deeply grasp the new requirements of domestic reform and development, but also an important measure to implement a higher level of opening up in the Shaanxi Free Trade Zone. In recent years, the capital market in Shaanxi Province has achieved rapid development. The construction of Qin Chuangyuan's innovation-driven platform and the development and improvement of key industrial chains have further attracted capital elements to gather in Shaanxi Province. Private equity investment has become more and more important in promoting the transformation of scientific and technological achievements and accelerating the growth of scientific and technological innovation enterprises.
"The QFLP foreign exchange management pilot program in the Shaanxi Free Trade Zone has three advantages. First, the QFLP pilot program implements a balance management model; second, foreign exchange registration is further simplified; third, it is more convenient to handle cross-border payments." Vice President of Xi'an Branch of the People's Bank of China Shu Hua said.
The "Measures" and "Guidelines" have four main requirements for pilot fund management companies and pilot funds: "zero threshold" for the registered capital of pilot companies, emphasis on investment management capabilities of pilot companies, free and flexible operating models, and minimum requirements for the establishment of qualified limited partners. entry requirements.
"The net assets of foreign institutional investors shall not be less than US$5 million, and the single investment shall not be less than US$1 million; the net assets of domestic institutional investors shall not be less than RMB 10 million, and the single investment shall not be less than RMB 1 million. The standards for foreign individual investors are consistent, that is, the net financial assets are not less than 3 million yuan and the financial assets are not less than 5 million yuan, or the average annual income in the past three years is not less than 500,000 yuan, and the single investment amount is not less than 1 million yuan.” Cao Huaiyang, deputy director of the Shaanxi Securities Regulatory Bureau, further explained.
Chang Li, the second-level inspector of the Shaanxi Provincial Department of Commerce, said that the purpose of launching the QFLP pilot work is to improve the system of utilizing foreign capital, boost industrial upgrading, and provide a more convenient channel for expanding foreign capital to invest in the domestic real economy. Especially under the current situation, carrying out the QFLP pilot work plays an important role in further expanding the scale of foreign capital utilization, optimizing the structure of foreign capital utilization, and stabilizing the basic market of foreign capital.
