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Notice of the National Development and Reform Commission, the Ministry of Commerce, and the People's Bank of China, et al on Issuing the Code of Conduct for the Operation of Overseas Investments by Private Enterprises [Effective]
国家发展改革委、商务部、人民银行等关于发布《民营企业境外投资经营行为规范》的通知 [现行有效]

Notice of the National Development and Reform Commission, the Ministry of Commerce, the People's Bank of China, the Ministry of Foreign Affairs and the All-China Federation of Industry and Commerce on Issuing the Code of Conduct for the Operation of Overseas Investments by Private Enterprises 


(No. 2050 [2017] of the National Development and Reform Commission) (发改外资〔2017〕2050号)

The development and reform commissions, commerce departments, branch offices of the People's Bank of China, foreign affairs offices and federations of industry and commerce of all provinces, autonomous regions, municipalities directly under the Central Government, cities under separate state planning and Xinjiang Production and Construction Corps: 各省、自治区、直辖市及计划单列市、新疆生产建设兵团发展改革委、商务部门、人民银行分行、外事办公室、工商联:
In recent years, private enterprises in China have significantly accelerated the pace of overseas investment, which has played an active role in promoting the sustained and sound development of the national economy and strengthening the mutually beneficial and friendly cooperation between China and other countries in the world. Concurrently, private enterprises in China still have inadequate overseas investment experience and overseas operation level to be improved. 近年来,我国民营企业境外投资步伐明显加快,为促进国民经济持续健康发展,加强我国与世界各国互利友好合作发挥了积极作用。同时,我国民营企业境外投资经验仍然不足,境外经营水平有待提高。
For the purposes of regulating the overseas investment and operation acts of private enterprises and improving the quality and level of “going out,” the National Development and Reform Commission, the Ministry of Commerce, the People's Bank of China, the Ministry of Foreign Affairs, and the All-China Federation of Industry and Commerce have jointly developed the Code of Conduct for the Operation of Overseas Investments by Private Enterprises, which is hereby issued for directing the compliance and implementation by private enterprises in consideration of their respective actualities. 为规范民营企业境外投资经营行为,提高“走出去”的质量和水平,国家发展改革委、商务部、人民银行、外交部、全国工商联联合制定了《民营企业境外投资经营行为规范》,现予以发布,请指导有关民营企业结合自身实际参照执行。
Annex: Code of Conduct for the Operation of Overseas Investments by Private Enterprises 附件:民营企业境外投资经营行为规范
National Development and Reform Commission 国家发展改革委
Ministry of Commerce 商  务  部
People's Bank of China 人 民 银 行
Ministry of Foreign Affairs 外  交  部
All-China Federation of Industry and Commerce 全 国 工 商 联
December 6, 2017 2017年12月6日
Annex 附件
Code of Conduct for the Operation of Overseas Investments by Private Enterprises 民营企业境外投资经营行为规范
I. General provisions   一、总则
1. The state shall support qualified private enterprises to “go out” and equally treat private enterprises “going out” and state-owned enterprises “going out.” (一)国家支持有条件的民营企业“走出去”,对民营企业“走出去”与国有企业“走出去”一视同仁。
2. Private enterprises shall, according to their own conditions and strength, make overseas investment in an orderly manner, participate in the construction of the “Belt and Road,” promote cooperation in international production capacity and equipment manufacturing, and serve the supply-side structural reform, transformation and upgrading. (二)民营企业要根据自身条件和实力有序开展境外投资,参与“一带一路”建设,推进国际产能和装备制造合作,服务于供给侧结构性改革和转型升级。
3. Private enterprises making overseas investment shall insist on the enterprise as the main subject and market operator, independently make decisions and assume sole responsibility for its profits or losses, do what is possible prudently, and focus on improving the innovation capacity, core competitiveness and international operation capability. (三)民营企业开展境外投资应坚持企业主体、市场运作,自主决策、自负盈亏,量力而行、审慎而为,着力提高企业创新能力、核心竞争力和国际化经营能力。
4. Private enterprises carrying out investment and operation activities shall comply with the laws and regulations of China and the host countries (regions), comply with the relevant treaty provisions and other international practices, conduct operations according to law and grow in compliance with the rules, and strengthen the prevention and control of overseas risks. (四)民营企业在境外投资经营活动中应遵守我国和东道国(地区)的法律法规,遵守有关条约规定和其他国际惯例,依法经营、合规发展,加强境外风险防控。
5. Private enterprises shall, under the guidance of peaceful cooperation, openness and inclusiveness, mutual study and mutual learning, and mutual benefits and win-win results, and under the principles of joint consultation, joint construction and sharing, conduct pragmatic cooperation with the relevant institutions and enterprises in the host countries (regions) to realize common development. (五)民营企业要以和平合作、开放包容、互学互鉴、互利共赢为指引,按照共商、共建、共享的原则,与东道国(地区)有关机构、企业开展务实合作,实现共同发展。
II. Improving the business operation and management system 谁敢欺负我的人  二、完善经营管理体系
6. Improving the rules and regulations on the management of overseas investments. Private enterprises shall, in consideration of their actual circumstances, specify the overseas investment management departments and their functions, elaborate the overseas investment decision-making procedures, and develop and improve the rules on the establishment and authorization management of overseas enterprises and the rules on the management and control of overseas investment risks. (六)完善境外投资管理规章制度。民营企业要结合本企业实际,明确境外投资管理部门和职责,细化境外投资决策程序,建立健全境外企业设立和授权管理制度及境外投资风险管控制度。
7. Conducting performance management. Private enterprises shall attach equal importance to scale, quality and efficiency, improve the measures for overseas operation evaluation, assessment and incentives, and improve the performance level of overseas investment. (七)开展绩效管理。民营企业要坚持规模、质量和效益并重,完善境外经营评价、考核和激励办法,提高境外投资绩效水平。
8. Strengthening financial supervision. Private enterprises shall strengthen the supervision and management of overseas branches in fund allocation, financing, transfer of equity and other rights and interests, reinvestment, and guarantee, etc., prudently make highly leveraged investments, and regulate the investment activities of overseas financial derivatives. (八)加强财务监督。民营企业要加强对境外分支机构在资金调拨、融资、股权和其他权益转让、再投资及担保等方面的监督和管理,审慎开展高杠杆投资,规范境外金融衍生品投资活动。
9. Strengthening the building of talent teams. Private enterprises shall strengthen the cultivation of international business talents, select and appoint excellent domestic and overseas management personnel, establish and improve the personnel management system for dispatched personnel, provide necessary education for the dispatched personnel before they go abroad, assist the dispatched personnel in understanding the local laws and regulations, security environment and other knowledge, and enhance the dispatched personnel's compliance with law, and awareness and capacity of preventing safety risks. (九)加强人才队伍建设。民营企业要加强国际化经营人才培养,选聘境内外优秀管理人员,建立健全派出人员管理制度,对派出人员出国前开展必要教育,帮助派出人员了解当地法律法规、安全环境等知识,增强派出人员遵法守法以及安全风险防范意识和能力。
III. Operation with good faith according to the laws and regulations   三、依法合规诚信经营
10. Undergoing the domestic declaration procedures. To make overseas investments, a private enterprise shall voluntarily apply for recordation or confirmation in accordance with the relevant provisions. To make overseas investment involving sensitive countries and regions and sensitive industries, approval must be obtained beforehand; and under other circumstances, an application shall be filed for recordation. It is prohibited to illegally obtain foreign exchange, transfer assets, conduct money laundering or carry out other activities by making false overseas investments.

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