Remove the \”glass door\”: China\’s opening certificate law behind a new rule

Policy interpretation: The quality change from \”special treatment\” to \”national treatment\”**

The latest stable foreign income policy issued by the State Council has attracted the popularity of: Removal of domestic loan restrictions for foreign investment companies and allow them to use domestic loans to develop equity investment. The seemingly simple terms adjustment actually implies the deep-level logical transformation of China\’s opening up to the outside world – from \”foreign income exceeding national treatment\” to \”foreign income real national treatment\”. This transformation is like removing an invisible \”glass door\”, allowing enterprises of different ownerships to truly stand on the same running line on the financing track.

This policy water division marks China\’s opening of foreign countries into the \”deep water zone\”, and its meaning is not bad. It joined the WTO that year. It is neither a simple emergency response to \”stable external resources\” or an empty \”equal\” statement, but a strategic plan to reconstruct the verbal rights of global economic governance under the new development pattern. When China uses action to prove that \”the open door will become bigger and bigger\”, the world will finally understand this Oriental wisdom – true globalization, begins with the removal of all obscure walls.

Historical coordinates:Strategic struggle from \”investment\” to \”education\”

Look back at the early stage of reform and opening up China has attracted foreign capital through tax reduction and land preferential policies. This kind of \”super national treatment\” has made an indispensable contribution in a specific historical stage. However, with the maturity of the market\’s economic system, the proportion of foreign direct investment in 2023 has reached 78%, and the investment in high-tech industries has increased by an average annual growth of 14%. When external structures change, the policy toolbox will inevitably need to be upgraded. This time, the open domestic capitalThe original limit is to include foreign capital institutions into China\’s financial blood circulation system, so that they can transform from \”houfeng enterprise\” to \”symbiotic ecological partner\”.

Deep meaning of the market: Breaking the ice-breaking position of the \”dual system\” of funds

Previously, there was a \”dual system for internal financing of foreign enterprises to obtain \”dual system\” in domestic financing. \”Difficulty: On the one hand, it is limited by the amount of foreign debt, and on the other hand, the internal financing channels are not intact. A cross-border manufacturing giant once revealed that the aggregate cost of obtaining loans from its subsidiary in China is 1.2 percentage points higher than that of private enterprises. After the new policy is implemented, it is expected that more than 200 billion yuan of domestic credit resources can be released to foreign-funded enterprises every year. More importantly, it is to establish a market rule that can replace \”credit pricing\” with \”identity pricing\”. This transformation resonates with the reform of the science board registration system and the reform of the market-forming mechanism of LPR interest rates, and jointly improves the market-based resource allocation system with Chinese characteristics.

Global vision: the breaking password of institutional opening

Compared with international practice, Germany\’s \”Foreign Direct Investment Review Rules\” 》, the US Foreign Investment Risk Assessment Modernization Act and other policies continue to raise investment walls. China is demolishing the system of vassals against the ruling:The 2024 edition of the foreign-investment negative list has been reduced to 31 items, and the restrictions on foreign-investment in the self-trade trial area have been cleared. The strategic determination of this \”counter-cyclical operation\” is focusing on the global capital configuration logic. Standard Chartered Bank\’s research shows that 73% of cross-border enterprises list \”institutional transparency\” as the primary consideration for increasing income in China, and the factor of far exceeding tax discounts (21%).

Future landscape: The key to building a new development pattern

Policy benefits are being transformed into development dynamics. Major projects such as Tesla\’s Shanghai Energy Factory and BASF Zhanjiang Integrated Base have begun to explore new models of domestic financing. This change indicates that China\’s opening up to the outside world has entered a new realm: from commodity factor flow-based opening to rules and institutional opening, and from passive connectivity international customs to active participation and rule formulation. When foreign-funded enterprises can use domestic financial instruments equally, they are no longer \”foreign merchants\”, but are \”common life\” deeply embedded in China\’s economic muscles.